Journalism of Courage

Nigeria’s debt profile grew by N560bn in Q1 2019

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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