Home Business Nigeria’s Debt Rises to $79.5bn in Q1, Says DMO

Nigeria’s Debt Rises to $79.5bn in Q1, Says DMO

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Nigeria total public debt rose to $79.5 billion (N28.63 trillion) as of the first quarter (Q1) of 2020.

This represents a 15per cent increase from the figure that was recorded for the corresponding period in 2019, which was about $69.09 billion (N24.94 trillion).

This was disclosed in a latest publication by the Debt Management Office (DMO) on Friday.

Nigeria has seen its debt stock rise sharply in recent years as the country tries to fund infrastructural and developmental projects and boost its fragile economy, which has been in and out of recession. The country’s economy has been projected to fall into recession again, due to the adverse impact of COVID-19 that has seen oil prices crash globally.

According to data obtained from DMO, $27.66 billion (N9.9 trillion) is the total external debt. This represents 34.89 per cent of the total public debt stock. Whereas, $51.64 billion (N18.64 trillion) is the total domestic debt, which represents 65.11 per cent of the total public debt.

The federal government accounts for 50.77 per cent of the total domestic debt, which is $40.26 billion (N14.53 trillion), whereas the State Governments and Federal Capital Territory account for 14.34 per cent of the total domestic borrowing which is $11.37 billion (N4.11 trillion).

 

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