Nigeria’s Debt Hits N20.37tn

Nigeria’s Debt Hits N20.37tn

The Debt Management Office of Nigeria says that the country’s total debt stock has hit N20.37tn.

 

This was contained in a statement made available to our correspondent on Tuesday by the debt office.

 

According to the statement, the debts were accumulated by the 36 states, the Federal Capital Territory and the Federal government and it stands at N20.37tn as of September 30.

 

The statement breaks the debts into domestic debt at N15.68tn and external debt stock, which stands at N4.69tn.

 

“This shows a marginal increase of 3.6 percent from the N19.64tn as of June 30,” the statement noted.

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With this, the domestic debt accounts for 76.96 percent, while external debt accounts for 23.04 percent.

 

For this purpose, the government is making arrangements to raise external funds of $5.5bn.

 

According to DMO, the amount which comprises of $2.5bn in new borrowing to part finance the N2.32tn deficit in the 2017 Appropriation Act and $3bn to repay maturing domestic debt is expected to achieve a reduction in interest costs of about N75bn and N91bn respectively when compared to the interest cost of borrowing in Naira in the domestic market.

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