Director-General of DMO, Ms Patience Oniha who disclosed this at a media briefing in Abuja said of the amount, federal government’s domestic debt was N12.589 trillion, while that of states and the Federal Capital Territory amounted to N3.348 trillion.
On the other hand, the total external debt both the federal government and states was an equivalent of N5.787 trillion.
She however, stated that the new Debt Management Strategy has brought about restructuring the portfolio in such a way that has resulted in reduction of debt servicing costs, lowering interests rates in the domestic market and an improved availability of credit facilities to the private sector.
In the light of this, the $3 billion Eurobond recently floated has resulted in an annual savings of about 81. 66 in debt servicing, as it was secured at about 7 per cent interest, compared to about 15 or 16 per cent interest on domestic borrowings.
She said that Nigeria’s borrowing was from various countries including, China, Japan, France, India, as well as, Germany and based on Nigeria’s needs, interests and conditions considered favourable to the nation.
According to her, Chinese loans were being used for specific infrastructure projects such as railways and airports re-modelling.