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Nigeria's outstanding public debt stands at $72.27 billion

President Muhammadu Buhari
  • Nigeria’s public debt stock climbed to $72.27 billion in September 2019.
  • Breakdown shows Nigeria's domestic debt accounts for $49.45 billion( N17.94 trillion), while external debt stood at $22.8 billion ( N8.27 trillion).
  • The country's total debt as a percentage of GDP was 18.47% as of September 2019, well within the limit of 25%.

Nigeria’s public debt stock climbed to $72.27 billion (N26.22 trillion) at the end of the third quarter of 2019, according to the Debt Management Office (DMO).

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This increase is 2% when compared with the $70.84 billion (N25.70 trillion) recorded as of June 30, 2019.

The Debt Management Office (DMO) released the latest debt stats during an interactive session with the media on January 17th, 2020.

From the breakdown, domestic debt accounted for N17.94 trillion, while external debt stood at N8.27 trillion.

Ms. Patience Oniha, the DMO Director-General, said total debt as a percentage of GDP was 18.47% as of September 2019, which was well within the limit of 25%.

In the 2020 budget, Nigeria planned to raise N850 billion and N744.99 billion through External and Domestic Borrowings respectively.

The government said domestic borrowings will be raised through FGN Bonds, Sukuk, FGN Savings Bonds, and possibly Green Bonds.

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