The Debt Management Office (DMO) on Wednesday released Nigeria’s total debt figure as at first quarter of 2019, which now stands at N24.947 trillion ($ 81.274 billion) representing a 2.3 per cent increase from N24.387 trillion it was by December 31, 2018.
Okay.ng learnt from the report shows that “the Total Public Debt grew marginally by 2.30% when compared to the figure of N24.387 Trillion (US$ 79.437 Billion) as at December 31, 2018.”
The agency said in a statement: “The Debt Management Office in its practice of publishing the Public Debt Data comprising the Domestic and External Debts of the Federal Government of Nigeria (FGN), the 36 States of the Federation and the Federal Capital Territory (FCT), has released the Total Public Debt Data as at March 31, 2019. At N24.947 Trillion (US$ 81.274 Billion) as at March 31, 2019, the Total Public Debt grew marginally by 2.30% when compared to the figure of N24.387 trillion (US$ 79.437 Billion) as at December 31, 2018.”
According to the agency, the increase of N560.009 billion in the total public debt in first quarter of 2019, was accounted for largely by domestic debt which grew by N458.363 billion.
“Increases were recorded in the Domestic Debt Stock of the FGN, States and the FCT. External Debt also increased by N101.646 billion during the same period.
“In relation to the Debt Management Strategy, the ratio of domestic to external debt stood at 68.49% to 31.51% at the end of March 2019. The Total public debt to GDP ratio was 19.03% which is within the 25% debt limit imposed by the government.
Nigeria’s debt has been on steady rise for some years.