Nigeria’s Total Debt Accounts For N24.38trn ……DMO

The Debt Management Office (DMO), has stated that the total public debt of Nigeria as at Dec. 31, 2018 is N24.38 trillion.

Ms Patience Oniha, Director-General, who made the disclosure during a press conference on Thursday in Abuja ,said the figure was N2.66 trillion higher than the N21.7 trillion recorded as at Dec. 31, 2017, and represents a year-on-year growth of 12.25 per cent.

Oniha explained that the figure comprised of debt owed by the Federal Government, States and Federal Capital Territory (FCT).

“The share of domestic debt dropped to 68.18 per cent from 73.36 per cent as at Dec. 31, 2017 thereby achieving a mix of 68.18 per cent and 31.82 per cent in the debt stock.”

She said the federal government loans accounted for 78 per cent of the figure, while states and the FCT accounted for 22 per cent.

The DG said that as captured in the 2019 budget proposal before the National Assembly, the Federal Government would borrow N1.6 trillion to finance the budget deficit.

According to her, N824 billion of the amount would be borrowed domestically through Federal Government Bonds, Sukuk, Green Bonds and Savings Bonds.

The other N824 billion is expected to be financed externally from concessional sources as they are cheaper and are longer-termed funds for infrastructure, she added.

Oniha said that the planned N15 billion Green Bonds and the infrastructure bonds would be issued in the second quarter of 2019.

Further details provided in the report showed that more progress was made towards achieving the target Debt Stock mix of 60 per cent (Domestic) and 40 per cent(External).