Nigeria’s Debt Profile Rises By N1.23 Trillion Within Three Months, As Total Hits N28.63 Trillion

The Debt Management Office (DMO) on Thursday announced that the total public debt portfolio of Nigeria has risen to N28.63 trillion within a space of three months, from December 2019 to March 2020.

In its Public Debt Portfolio report released on Thursday night, the DMO explained that the country’s total debt rose from the N27.4tn recorded in December 2019 to N28.63tn in March 2020.

This indicates that within a space of three months, the country’s public debt portfolio grew by N1.23tn, representing 4.48 per cent.

Nigeria’s total external debt obligations as of the end of March this year stood at N9.99tn, the debt office also stated.

The N9.99tn is about N970bn higher than N9.02trn which was recorded as external debt obligations in December 2020.

The debt office said the country’s domestic debt was N18.64tn, representing 65.11 per cent of the Nigeria’s debt stock.

KanyiDaily recalls that last weeks the World Bank approved another $750 million loan to the Nigerian Government to improve the power supply in Nigeria.