Nigeria Is $57.39 billion (N17.36tn) In Debt – DMO

by Ike Obudulu Last updated on March 24th, 2017,

ABUJA—The Debt Management Office, DMO, said yesterday that the nation’s total debt profile currently stood at $57.39 billion. Director-General of DMO, Dr. Abraham Nwankwo, who disclosed this when he appeared before the Senator Shehu Sani’s Committee on Foreign and Local Debts to defend his agency’s budget proposal, said the total debt stock comprised external and domestic debts of the federal government, those of the 36 states of the federation and the Federal Capital Territory, FCT, as December 31, 2016.

This came on a day the Presidency slashed its 2017 budget by N3 billion, in view of the present economic recession in the country.

Nwankwo explained that of the total debt stock, external debt stood at $11.41 billion, while domestic debt stock was put at $45.98 billion.

According to him, the 36 states and FCT accounted for about 32.45 percent of the total external debt as at December 31,2016, while the federal government accounted for about 67.55 percent.

He added that the disaggregated external debt stock of the 36 states and FCT as at June 2016 was $3.65 billion, while the disaggregated domestic debt stock of the states and the FCT as at September 2016 was N2,822.89 billion.

Explaining the increase in the debt profile, Nwankwo said: “We observed that the increase was about 6.5 percent and this was as a result of additional disbursement because we don’t disburse a good number of the external loan we take at a go.”

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Ike Obudulu

Ike Obudulu

Versatile Certified Fraud Examiner, Chartered Accountant, Certified Internal Auditor with an MBA in Finance And Investments who has both worked for and consulted with some of the world's largest companies on main street and wall street in over 20 countries, Ike brings his extensive reporting and investigations experience to bear on his role as Chief Editor.
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