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Nigeria's debt hits N1.31tn in one year

04 February 2016, 14:09

Abuja - The Debt Management Office has revealed that Nigeria’s debt rose by N1.31tn in one year, Punch reports.

Statistics released by DMO showed that the country’s total debt rose from N11.24tn as of December 31, 2014 to N12.6tn at the end of 2015 with a difference of N1.31tn, increasing by 12.1 per cent.

The total debt is made up of the external debt of the federal and state governments, the domestic debts of the Federal Government as well as the domestic debts of the states.

External debts of both tiers of government rose from $9.71bn as of December 31, 2014 to $10.71bn as of December 31, 2015. This shows a rise of $1bn or growth rate of 10.37 per cent within the period.

Also read: Nigeria’s debt hits N7.93tn

The domestic debt of the Federal Government, which is the biggest component of the debt burden, rose from N7.9tn as of December 31, 2014 to N8.84tn in the 12-month period.

This shows that the domestic debt of the Federal Government rose by N932.97bn within the one-year period. It also means that the domestic debt of the Federal Government rose by 11.8 per cent.

The 36 states of the federation and the Federal Capital Territory held $3,369,911,154.54 of the country’s external debt component, while the Federal Government’s external commitments stood at $7 348 520 340.26.

Read more at Punch

- News 24

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