Nigeria’s debt profile rose by 2.3 per cent to $81.27 billion (N24.947 trillion) as at March 2019, according to the Debt Management Office (DMO) data. DMO in its first quarter 2019 report said “marginal increase of 2.3 per cent in the total public debt of the FGN, States and Federal Capital Territory Recorded. The Debt Management Office in its practice of publishing the Public Debt Data comprising the Domestic and External Debts of the Federal Government of Nigeria (FGN), the 36 States of the Federation and the Federal Capital Territory (FCT), has released the Total Public Debt Data as at March 31, 2019. At ₦24.947 trillion (US$ 81.274 billion) as at March 31, 2019, the Total Public Debt grew marginally by 2.30 per cent when compared to the figure of ₦24.387 trillion (US$ 79.437 Billion) as at December 31, 2018.
“The increase of ₦560.009 billion in the Total Public Debt in Q1 2019, was accounted for largely by Domestic Debt which grew by ₦458.363 billion. Increases were recorded in the Domestic Debt Stock of the FGN, States and the FCT. External Debt also increased by ₦101.646 billion during the same period. In relation to the Debt Management Strategy, the Ratio of Domestic to External Debt stood at 68.49 per cent to 31.51 per cent at the end of March 2019. The Total Public Debt to GDP Ratio was 19.03 per cent which is within the 25 per cent Debt Limit imposed by the Government.