- FGN, States, FCT figures now N24.947trn
BY COBHAM NSA, ABUJA – The Debt Management Office (DMO) says Nigerians must keep faith with the Federal Government as the total public debt to GDP ratio is still within the 25 per cent debt limit imposed by the government
The assurances came on Wednesday even as the DMO admitted the country’s debt shot up marginally to over N24.947 trillion (about $81.274 billion) as at March 31, 2019
It said the figures, which represent Nigeria’s total public debt, grew marginally by 2.30 per cent compared to the figure of N24.387 trillion (about $79.437 billion) recorded as at December 31, 2018.
According to the DMO, the increase of about N560.009 billion recorded in the total public debt in the first quarter (Q1) of year 2019, was due largely to domestic debt profile that went up by N458.363 billion during the period under review.
An official statement issued in Abuja said the public debt data were released in line with the DMO’s practice of publishing the figures that consist of domestic and external debts incurred by the Federal Government of Nigeria (FGN); the 36 States of the Federation; and the Federal Capital Territory (FCT).
The statement also explained that besides the growth witnessed in the domestic debt stock of the FGN, States and the FCT, Nigeria’s external debt also rose by N101.646 billion during the period.
The DMO said going by the Debt Management Strategy, the ratio of domestic to external debt stood at 68.49 per cent l to 31.51 per cent at the end of March 2019.
It however assured that the total public debt to GDP ratio, which currently stands at 19.03 per cent, is still within the government-imposed 25 per cent debt limit.