DMO: Nigeria’s public debt hits N21.725tr

debt management office

debt management office

The Debt Management Office (DMO) has revealed that the country’s debt profile, which stood at N21.725 trillion as at last December 31, amounted to 18.20 per cent of its Gross Domestic Product (GDP).

A breakdown of the figure put the Federal Government’s domestic debt at N12.589 trillion, while domestic debt owed by the states and the Federal Capital Territory (FCT) stood at N3.348 trillion.

On the other hand, external debt attributed to the Federal Government, States and the FCT was N5.787 trillion, making it a gross total of N21.725 trillion.

The Director General of the DMO, Patience Oniha, who disclosed this at a briefing in Abuja, also said the proceeds of $2.5 billion Eurobond, issued last month, was being used to pay maturing domestic debt, starting with N130 billion Nigeria Treasury Bills (NTBs), repaid on March 1.

According to her, “the figures show that Nigeria’s debt management strategy, which has the objective of reducing the ratio of domestic debt in the portfolio, while the ratio of external debt is increased with a target of 60 per cent domestic and 40 per cent external, is being achieved.