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.