Nigeria’s Public Debt Hits N24.947trn – DMO

By Tony Obiechina, Abuja

The Debt Management Office (DMO), said on Wednesday that Nigeria’s total public debt was N24.947 trillion or Trillion (US$ 81.274 Billion) during the first quarter of 2019.
In a statement released by the DMO in Abuja and made available to Prompt News Online, the public debt incurred by the Federal, States and the Federal Capital Territory (FCT), recorded a marginal Increase of 2.3%, as at 31st March, 2019.

According to the statement, the Public Debt Data comprises the Domestic and External Debts of the three levels of government.
Giving a further breakdown, the statement said, ‘the increase of N560.009 Billion in the Total Public Debt in Q1 2019, was accounted for largely by Domestic Debt which grew by N458.363 Billion. 
“Increases were recorded in the Domestic Debt Stock of the FGN, States and the FCT. External Debt also increased by N101.646 Billion during the same period. 
“In relation to the Debt Management Strategy, the Ratio of Domestic to External Debt stood at 68.49% to 31.51% at the end of March 2019. The Total Public Debt to GDP Ratio was 19.03% which is within the 25% Debt Limit imposed by the Government”.

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