Nigeria’s Debt Now N25.7trn, Rises By N753bn In 3 Months

NIGERIA’S total public debt rose to N25.7trillion ($83.882billion) by the end of June 2019, according to the Debt Management Office (DMO).

This is an increase of about N753billion over the N24.947trillion reported by the government agency as the total debt as of the end of March.

According to the figures released by the DMO on its website on Tuesday, the total debt stock is made up of both foreign and domestic debts of the federal and state governments. While the Federal Government’s debt stood at N20.5 trillion ($66.75 billion), that of the 36 states and the FCT was N5.3 trillion ($17.2 billion) by the end of June.

A breakdown of the debts provided by the DMO shows that the country’s total external debt stock stood at N8.3 trillion ($27.162billion) with the Federal Government owing N7 trillion ($22.9billion), while the 36 states and the Federal Capital Territory (FCT) owe N1.3trillion, ($4.274 billion)

As of the end of June, domestic debt stood at N17.4 trillion ($56.7 billion). While the Federal Government’s owes N13.4 trillion ($43.8 billion), states and the FCT owe N4trillion ($12.9billion).

Although many Nigerians have expressed concern over the nation’s rising debt profile, the Minister of Finance, Budget and National Planning, Zainab Ahmed, said the country’s problem was not debt but revenue.