Infographic: Nigeria is now owing local and international lenders the sum of $79.43 billion

Nigeria's total public debt climbed to $79.437 billion (N24.38 trillion) as at Dec. 31, 2018, the Debt Management Office (DMO) said.

President of the Federal Republic of Nigeria, Muhammadu Buhari (2nd L) talks with Chinese Premier, Li Keqiang (not pictured) during a meeting at the Great Hall of the People in Beijing, April 13, 2016. REUTERS/Kenzaburo Fukuhara/Pool

In its public debt report released on Thursday, the debt management office under the Presidency said the figure represents year-on-year growth of 12.25%.

The share of local debt dropped to 68.18% from 73.36% as of December 31, 2017, thereby achieving a mix of 68.18% and 31.82% in the debt stock. This breakdown still shows that the government is yet to achieve its target mix of 60% for local debt and 40% for external debt.

Here's the breakdown of the debt among the levels of government:

1. Federal government loans

  • External debt stock: N6.4 trillion
  • Domestic: N17.11 trillion
  • Total: culminating in N23.51 trillion
  • Percentage: 78%

2. States and the FCT loans

  • External debt: N1.25 trillion
  • Domestic debt: N3.85 trillion
  • Total public debt: N5.15 trillion
  • Percentage: 22%

Patience Oniha, Director-general, Debt Management Office (DMO), said the Federal Government has projected in the 2019 budget to borrow N1.6 trillion to finance the budget deficit.

Out of the total figure, N824 billion of the amount would be borrowed domestically through Federal Government Bonds, Sukuk, Green Bonds and Savings Bonds. The other loan is expected to be financed externally from concessional sources.

Oniha said there is also another planned N15 billion Green Bonds and the infrastructure bonds will be issued in the second quarter of 2019.

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

Ayisha Modi goes naked on IG as she flaunts her newly ‘acquired’ body (VIDEO)

Ayisha Modi goes naked on IG as she flaunts her newly ‘acquired’ body (VIDEO)

Police officer arrested for sexually harassing woman in a car

Police officer arrested for sexually harassing woman in a car

19-year-old girl stabbed multiple times in Accra after catching her brother & mother having sex

19-year-old girl stabbed multiple times in Accra after catching her brother & mother having sex

Rema's manager, Sean Okeke responds to DJ Neptune's statement, regarding the ongoing 'For You' drama

Rema's manager, Sean Okeke responds to DJ Neptune's statement, regarding the ongoing 'For You' drama

Talent manager Teebillz praises BBNaija's Tacha for not 'opening her legs'

Talent manager Teebillz praises BBNaija's Tacha for not 'opening her legs'

You should not do any of these while visiting the Oba's palace in Benin

You should not do any of these while visiting the Oba's palace in Benin

WCQ: Minimise mistakes to avoid Morocco, Algeria, Senegal, NFF President Amaju Pinnick tells Super Eagles

WCQ: Minimise mistakes to avoid Morocco, Algeria, Senegal, NFF President Amaju Pinnick tells Super Eagles

Iheanacho, Collins underwhelm - Player ratings: Liberia 0-2 Nigeria

Iheanacho, Collins underwhelm - Player ratings: Liberia 0-2 Nigeria

Judicial panel tells government to change Lekki tollgate to EndSARS tollgate

Judicial panel tells government to change "Lekki tollgate" to "EndSARS tollgate"