By Modupe Gbadeyanka
The Debt Management Office (DMO) has disclosed that the total debt profile of Nigeria marginally increased by 2.3 percent in the first quarter of 2019.
In the data released by the DMO on Wednesday, it was stated that the total public debt of federal government, state governments and the Federal Capital Territory (FCT) went up to N24.95 trillion from N24.39 trillion.
The DMO said, “At N24.947 trillion ($81.274 billion) as at March 31, 2019, the total public debt grew marginally by 2.30 percent when compared to the figure of N24.387 trillion ($79.437 billion) as at December 31, 2018.”
According to the debt office, “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.”
It added that during the same period under review, the external debt of the country also increased by N101.646 billion.
The DMO further said in relation to the debt management strategy, the ratio of domestic to external debt stood at 68.49 percent to 31.51 percent at the end of March 2019.
“The total public debt to GDP ratio was 19.03 percent which is within the 25 percent debt limit imposed by the government,” it added.
Business Post reports that the public debt data comprises the domestic and external debts of the federal government of Nigeria (FGN), the 36 states of the federation and the Federal Capital Territory (FCT).
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