Nigeria’s debt hits N22.43tn, domestic component 70.51%

Nigeria’s total debt now stands at N22.43tn, data obtained from the Debt Management Office have shown.
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According to the DMO, the nation’s total debt as of September 30, 2018, stood at N22.43tn.
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As of June 30, 2015, the country’s total debt stood at N12.12tn. This means that within the tenure of the present administration which came to power on May 29, 2015, the country’s total debt has risen by N10.31tn or 85.06 per cent.
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Of the total debt, the external component of both the Federal Government and state governments’ debts including that of the Federal Capital Territory stood at $21.59bn.
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As of June 30, 2015, the external debt component of the country’s total debt stood at $10.32bn. This means that the external debt component rose by $11.27bn or 109.21 per cent.
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On the other hand, the domestic debt of both the Federal Government and the subnational governments stood at N15.81tn.
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Analysing the debt statistics further showed that the domestic debt of the Federal Government alone stood at N12.29tn as of September 30, 2018.
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