Nigeria’s Public Debt rises by N560bn in Q1 – DMO

By Etuka Sunday

The Debt Management Office (DMO) yesterday disclosed that the country’s public debt has risen by N560billion as at March 31, 2019.

DMO said, its Q1 2019 Public Debt Data recorded a Marginal Increase of 2.3% in the Total Public Debt of the FGN, States and Federal Capital Territory.

The Office said, at N24.947 Trillion (US$ 81.274 Billion) as at March 31, 2019, the Total Public Debt grew marginally by 2.30% when compared to the figure of N24.387 Trillion (US$ 79.437 Billion) as at December 31, 2018.

It said, the increase of N560.009 Billion in the Total Public Debt in Q1 2019, was accounted for largely by Domestic Debt which grew by N458.363 Billion.

It said, increases were recorded in the Domestic Debt Stock of the FGN, States and the FCT. External Debt also increased by N101.646 Billion during the same period.

DMO said, in relation to the Debt Management Strategy, the Ratio of Domestic to External Debt stood at 68.49% to 31.51% at the end of March 2019.

It said, the Total Public Debt to GDP Ratio was 19.03% which is within the 25% Debt Limit imposed by the Government.

The DMO has a practice of publishing the Public Debt Data comprising the Domestic and External Debts of the Federal Government of Nigeria (FGN), the 36 States of the Federation and the Federal Capital Territory (FCT).