The latest debt profile of Nigeria has revealed that borrowing by the Federal Government alongside the 36 states of the federation plus the Federal Capital Territory (FCT) grew to N27.4 trillion at the end of 2019.
A 4.5% higher than the N26.215 trillion posted at third quarter 2019, the N27.4 trillion comprised both the domestic and external debt figures of the above tiers of government, the Debt Management Office (DMO) office said on Wednesday.
Domestic debt added up to N18.379 trillion, representing 67.07 of government’s total indebtedness while external debt accounted for the rest N9.022 trillion or 32.93%.
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The Debt Management Office (DMO) data shows that the FG had the largest exposure on the domestic debt portfolio, accounting for N14.2 trillion or 52.09%.
N4.1 trillion translating to 14.99% was the debt balance of the 36 states and the FCT combined.
Nigeria’s external debt status shows that the FG’s debt burden in the year under review was N7.5 trillion while states and the FCT were responsible for the remaining N1.4 trillion.
The DMO put the FG’s spending on domestic debt service for 2019 at N1.686 trillion.