Nigeria adds N560bn debt in three months

Figures released by the Debt Management Office (DMO) on Wednesday shows that the country’s debt has increased by N560 billion.

According to the DMO, the total debt stock as of March 31, 2019, stood at N24.9 trillion compared to the N24.3 trillion as of December 31, 2018.

The debt document released by the DMO showed that the CBN exchange rate of N306.95/$ was used in converting domestic debts to dollars.

The breakdown showed that the total external debt stood at N7.8 trillion ($25.6 billion) while domestic debt was N17 trillion ($55.6 billion).

Foreign debt constituted 31.5% of the total debt stock while domestic debt constituted 68%.

According to the DMO, the increase in the debt stock was “was accounted for largely by Domestic Debt which grew by N458.363 Billion.

External debt also increased by N101.646 billion during the same period.

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