Data released on Wednesday by the Debt Management Office (DMO) have revealed that Nigeria’s public debt stood at N24.947 trillion ($81.274 billion) at the end of March – a marginal 2.3 per cent increase compared to the public debt stock at the end of December 2018.
According to the DMO, the debt stock represented the total debts of the Federal Government, the 36 states of the federation and the Federal Capital Territory, FCT. While total external debt is N 7.860 trillion ($25. 609 billion); domestic debt stood at N17.086 trillion ($55. 664 billion).
The DMO explained that 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.
“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,” it said. The DMO stated that 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 the first quarter under review.
It stated further: “The Total Public Debt to GDP Ratio was 19.03% which is within the 25% Debt Limit imposed by the government.” The agency said that CBN Official Exchange Rate of US$1 to NGN306.95 as at March 31, 2019, was used in converting the domestic debts to US Dollars. Analysis of state governments’ debt showed that Lagos has the highest debt profile of N542. 231 billion, followed by Rivers and Delta states with N 225. 592 billion and N 223. 442 billion, respectively.
Akwa Ibom’s debt stands at N 199.768; Cross River, N 167.252 billion; Osun, N 147.702 billion; Bayelsa, 133.339 billion; Kano, N 121.305 billion; and Ekiti, N 118.011 billion. Conversely, Yobe had the least debt stock of N26. 990 billion, followed in that order by Anambra, N33. 490 billion; Sokoto, N 36. 571 billion; Jigawa, N 38.227 billion; and Niger, N 43.414 billion.
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