Nigeria’s Debt Profile Increases To ₦27.4tn

The  Debt Management Office (DMO ) has revealed that  Nigeria’s total debt profile has risen once more despite several palliative measures from the Central Bank of Nigeria

According to DMO the total amount borrowed by the Federal Government alongside the 36 states of the federation grew to ₦27.4 trillion at the end of 2019.

This include ₦21.7 trillion owed by the Federal Government and ₦5.6 trillion owed by the state governments.

The Federal Government’s debts, therefore, made up 79.59% of the country’s total debt, while the states and the FCT government debt accounted for the remaining 20.41%. Breakdown: Foreign debts made up 32.93% of the total debt at ₦9.02 trillion, with the Federal Government owing ₦7.53 trillion and the states governments owing ₦1.48 trillion.

Domestic debts made up the remaining 67.07%. The Federal Government had a domestic debt portfolio of ₦14.2 trillion, accounting for 52.09% of total debt stock, while the states owed ₦4.1 trillion, 14.99% of the total debt stock.