Adedapo Adesanya
By Adedapo Adesanya
The Debt Management Office (DMO) has disclosed that Nigeria’s total debt profile as at the end of the first quarter of the year stood at N28.6 trillion.
This indicated a 4.4 percent quarter-on-quarter increase from N27.4 trillion that was on record in the fourth quarter of 2019.
In a breakdown that was released on the DMO website, domestic debt accounted for 65.1 percent amounting to N18.6 trillion ($51.6 billion), while external debt made up for the remaining 34.9 percent, which translates to N9.9 trillion ($27.7 billion).
Federal Government’s debt during the period stood at N14.5 trillion, representing 50.8 percent, while the debt of the states and Federal Capital Territory stood at N4.1 trillion (14.4 percent).
A further break down of the debts owed by the sub nationals showed that Lagos state led the pack with a total debt stock of N444.2 billion, followed by Rivers state which owed N266.9 billion; Akwa Ibom state, N240.0 billion and Delta state with N230.8 billion.
Other highly indebted states are Cross River, N165.9 billion; Imo, N163.9 billion; Bayelsa, N154.9 billion; Ogun, N143.5 billion; Osun, N137.3 billion; Plateau N130.7 billion and Kogi N128.9 billion.
In terms of debt servicing, between January and March 2020, the federal government paid interest on Nigerian Treasury Bill (NTB) to the tune of N111.6 billion; interest on FGN Bonds totalled N488.9 billion; FGN Savings Bonds debt servicing of N392.8 billion and; Rentals of N8.2 billion.
Giving a month-by-month breakdown of debt servicing activities of the government, the DMO stated that in January 2020, the government serviced debts with N251.4 billion. In February it paid out interests amounting to N158.1 billion and in March doled out N199.7 billion to service debt.
