Friday, 03 July 2020 05:32

Nigeria’s debt rose N410bn monthly in Q1, 2020 - Debt Office

Rate this item
(0 votes)

Total public debt portfolio of Nigeria has risen to N28.63tn, Debt Management Office announced on Thursday.

In its Public Debt Portfolio report released on Thursday night, DMO explained that the country’s total debt rose from N27.4tn recorded in December 2019 to N28.63tn in March 2020.

This indicates that within a space of three months, the country’s public debt portfolio grew by N1.23tn, representing 4.48 per cent. This translates to about N410 billion monthly.

Nigeria’s total external debt obligations as of the end of March this year stood at N9.99tn, debt office also stated.

The N9.99tn is about N970bn higher than N9.02trn which was recorded as external debt obligations in December 2020.

The debt office said the country’s domestic debt was N18.64tn, representing 65.11 per cent of Nigeria’s debt stock.