Nigeria’s public debt rises 2.98% to N42 trillion
The Debt Management Office (DMO) said Nigeria’s total public debt stock, which was N41.60 trillion ($100.07 billion) in March, rose to N42.84 trillion (103.31 billion dollars) by June.
Accordingto a statement obtained from DMO’s website on Tuesday, the total debt represents the domestic and external debt stocks of the Federal Government of Nigeria (FGN), the 36 State Governments and the Federal Capital Territory (FCT).
It said that while the foreign component of the debt remained at the same level of N16.61 trillion (39.96 billion dollars), the local component increased to N26.23 trillion (63.24 billion dollars).
TheNews Agency of Nigeria (NAN) reports that the local component of the country’s borrowings was N24.98 trillion (60.1 billion dollars) as at March 30.
TheDMO said that a larger percentage of the external debts were concessional and semi-concessional loans.
“Over 58 per cent of the external debt stock are concessional and semi-concessional loans.
“They were obtained from multilateral lenders such as the World Bank, International Monetary Fund, Afrexim and African Development Bank, and bilateral lenders including Germany, China, Japan, India and France.
“The total domestic debt stock increased from N24,98 trillion (60.1billion dollars) in March to N26.23 trillion (63.24 billion dollars) in June.
According to Patience Oniha, DMO’s Director-General, the programme is designed to sensitise Nigerians on the huge investment benefits in FGN securities, thereby boosting financial inclusion.