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Nigeria’s Debt Profile Rises to $81.27 Billion in the First Quarter of 2019

Nigeria’s debt profile rose by 2.3% to $81.27 billion (N24.947 trillion) as at March 2019, according to the Debt Management Office (DMO) data seen by Business Insider SSA.

Muhammadu Buhari and Yemi Osinbajo
Muhammadu Buhari and Yemi Osinbajo

In its Q1 public data report released on Wednesday, the Debt Management Office said the figure represents N560 billion increase in the total public debt from $79.437 billion recorded in December 2018.

According to the DMO, domestic debt recorded N458.363 billion increase across federal, states and federal capital territory while external debt increased by N101.6 billion during the same period.

Ms Patience Oniha, the Director General of Nigeria's Debt Management Office.Ms Patience Oniha, the Director General of Nigeria’s Debt Management Office.

Patience Oniha, Director-general, Debt Management Office (DMO), reiterated that the “total public debt to GDP ratio stands at 19.03% which is within the 25% debt limit imposed by the government.

Foreign Debt level

  • FGN + States & FCT only – $25.61 billion

Domestic debt level 

  • FG debt level – $42.72 billion
  • State and FCT – $12.94 billion

Written by MT

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