Nigeria’s External Debt Rises to $18.9bn, Domestic Debt to N15.9tn

Nigeria’s external debt rose to $18.91 billion (N5.787 trillion) as at the end of December 2017, while domestic debt rose to N15.937 trillion, bringing the total debt stock of the country to N21.725 trillion ($70.92 billion), data released Wednesday by the Debt Management Office (DMO), has shown.

At N21.725 trillion, the country’s total debt stock rose to a new high, from N17.36 trillion ($56.73 billion) at the end of 2016.

Effectively, total debt as a percentage of GDP also rose to 18.2 per cent, based on International Monetary Fund (IMF) estimates, which put Nigeria’s nominal GDP at $394.8 billion (N122.4 trillion) in 2017.

The DMO Director-General, Ms Patience Oniha, who provided the data on Nigeria’s debt at a press briefing in Abuja on the nation’s Debt Management Strategy (DMS), said a detailed analysis of the debt stock depicted that the federal government’s domestic debt at the end of 2017 stood at N12.589 trillion, while the states and the Federal Capital Territory (FCT) accounted for N3.348 trillion of domestic debt.

The latest debt data came just as the National Bureau of Statistics (NBS), in its inflation report for February, showed that the inflation rate fell by 0.8 per cent, from 15.13 per cent in January to 14.33 per cent last month.

A further analysis provided by Oniha showed that total external debt of both the federal and state governments was N5.787 trillion ($18.91 billion) in 2017.

The figures released showed that domestic debt for the federal government was N12.589 trillion, while the domestic debt of states and FCT was N3.348 trillion.

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