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

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The Debt Management Office (DMO) on Thursday disclosed that Nigeria’s total debt is at N28,628,493.63 trillion, as at 31st March, 2020.

According to the reports, the Federal Government spent N609,134,926,039 billion on domestic debt servicing between January and March this year.

In January, it spent N251,352,673,904 billion, N158,123,337,830 billion in February and N199,658,914,304 billion in March.

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The servicing instruments include: treasury bills, Sukuk bonds, trade bonds, among others.

It was recorded 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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