The Debt Management Office has expressed displeasure over the high level of Nigeria’s total debt profile – foreign and local – put at N19.16 trillion.
According to the DMO, the nation’s indebtedness to creditors rose from the N17.36 trillion recorded at the end of December 2016, representing an increase of N1.8 trillion. The DMO said that at the end of March 2015, the country’s total debt stood at N12.06 trillion, representing an increase of N7.1 trillion in two years.
A current data released by the DMO, however, stated that the Nigerian government’s domestic debt stood at N11.97trillion as against N8.51trillion recorded in 2015. This represents a domestic borrowing record of N3.46 trillion, representing 40.71per cent.
On the other hand, Nigeria’s external debt incurred by both the Federal and state governments rose from $9.46 billion to $13.81 billion in two years, representing an increase of $4.35 billion, put at 45.98 per cent.
