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Nigeria’s total debt now N28.628 tr says DMO

The Debt Management Office on Thursday disclosed that Nigeria’s total debt profile as at March 31,2020 now stands at N28,628,493.63 trillion. 

The figure, contained on its website, is a slight increase from the N27.4 trillion figure of December 31, 2019. 

A breakdown of the figure shows that the total external debt is N9,978,303.26 trillion representing 34.89 per cent of the debt profile; while total domestic debt is N18,641,190.37 trillion (65.11 per cent). Federal Government’s debt stands at N14,534,746.84, representing 50.77 per cent. The debt of the States and Federal Capital Territory stands at N4,1.6,443.53 trillion (14.43 per cent). 

The DMO stated that the domestic debt stock for 28 States, (Abia, Adamawa, Akwa Ibom, Bauchi, Bayelsa, Benue, Cross River, Delta, Ebonyi, Edo, Ekiti, Enugu, Gombe, Imo, Jigawa, Kaduna, Kogi, Kwara, Nassarawa, Niger, Ogun, Ondo, Osun, Oyo, Plateau, Sokoto, Taraba, Yobe, and FCT) were as at March 31, 2020, while domestic debt stock for Anambra, Borno Kano, Kebbi and Zamfara State was as at December 31, 2019, Domestic Debt Stock of Katsina State was as at June 30, 2019, and Rivers State was as at December 31, 2018.

The DMO said: “CBN Official Exchange Rate of US$1 to NGN361 as at March 31, 2020 was used in converting External Debt to naira”.

It stated that China was one of Nigeria’s creditors, but that the $3.121 billion Chinese debt represents only 3.94% of Nigeria’s total public debt of $79.303 billion (N28,628.49 trillion at USD/N361) as at March 31, 2020.

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