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FG owes local creditors N8.51tn in Q1
The quarterly data released by the Debt Management Office (DMO) has revealed that the Federal Government of Nigeria’s (FGN’s) domestic debt as at ending of March 2015 stood at N8.51trillion ($42.8 billion), an equivalent of 9.4 per cent 2014 gross domestic product (GDP).
The increase in naira terms in the first quarter was N610 billion, of which FGN bonds accounted for N580 billion.
The DMO data also showed that Nigeria’s total debt stock (addition of external and domestic debt) as at March 2015 stood at N12.06 trillion, representing an increase of 11.95 per cent from the December 31, 2014 figure of N11.24 trillion.
A breakdown of the debt stock showed that external debt accounted for 15.46 per cent of the total debt stock at N1.86 trillion ($9.46 billion at an average exchange rate of $1/N197), while domestic debt stock accounted for 84.54 per cent of the total debt stock at N10.20 trillion ($1/N188.70 billion). The debt-to-GDP for 2014 stood at 12.47 per cent.
– ThisDay, May20, 2015
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