Nigeria’s Public Debt Stock Hits N42trn

The Debt Management Office DMO said Nigeria’s total public debt stock, which was 41.60 trillion naira in March rose to 42.84 trillion naira by June.

According to a statement obtained from DMO’s website today, the total debt represents the domestic and external debt stocks of the Federal Government, the 36 State Governments and the Federal Capital Territory FCT.

It, however, said that while the foreign component of the debt remained at the same level of 16.61 trillion naira, the local component increased to 26.23 trillion naira.

The local component of the country’s borrowings was 24,98 trillion naira as at March 30th.

The DMO said that a larger percentage of the external debts were concessional and semi-concessional loans.

It said that the total public Debt-to-GDP ratio remained within limits, at 23.06 per cent, while Debt-Service-to-Revenue was still high.