DMO reveals that Nigeria's debt rose to N19.63trn as at June 2017

Nigeria, under President Muhammadu Buhari and the 36 states of the federation as well as the Federal Capital Territory have borrowed about N7.51 trillion in the last two years.

As of June 30, 2015, Nigeria’s total debt stood at N12.12 trillion.

In June 2017, the nation’s total debt had climbed to N19.63 trillion, according to the latest debt statistics published by the Debt Management Office (DMO).

The Debt Stock data released by the Debt Management Office revealed that the Total Public Debt Stock (external and domestic debt stock of the FGN and Sub-nationals) as at end of June, 2017, was N19.63 trillion (about USD64.19 billion at $1/NGN 305.90), made up of External Debt Stock of N4.60 trillion (about USD15.05 billion) and Domestic Debt Stock of N15.03 trillion (about USD 49.15 billion). The Domestic Debt Stock of the FGN and Sub-nationals accounted for 76.56% of the Total Public Debt Stock, while their External Debt Stock accounted for 23.44%. Furthermore, the Total Public Debt Stock increased by 2.50% from N19.16 trillion (about USD62.54 billion) to N19.64 trillion (about USD64.19 billion), during the period under review.

The Total External Public Debt Stock of the Federal Government and Sub-nationals increased by 8.98% from USD13.81 billion in March 2017 to USD15.05 billion in June 2017, while the Domestic Debt Stock of the Federal Government and the Sub-nationals increased by 0.669% from N14.93 trillion in March 2017 to N15.03 trillion in June 2017.