Nigeria’s debt profile for the first quarter of 209 rose by 2.3 percent to reach N560bn, the country’s Debt Management Office (DMO) said Wednesday on its website.
At ₦24.947 Trillion (US$ 81.274 Billion) as at March 31, 2019, the Nigeria’s total public debt grew marginally by 2.3 percent when compared to the figure of ₦24.387 trillion ($79.437 Billion) as at December 31, 2018.
“The increase of ₦560.009 Billion in the Total Public Debt in Q1 2019, was accounted for largely by Domestic Debt which grew by ₦458.363 Billion. Increases were recorded in the Domestic Debt Stock of the FGN, States and the FCT. External Debt also increased by ₦101.646 Billion during the same period,” the debt agency said.
The country’s ratio of domestic to external debt stood at 68.49% to 31.51% at the end of March 2019, while the total public debt to GDP Ratio was 19.03% which is within the 25 percent debt limit imposed by the government, according to DMO.
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