Nigeria’s total public debt rises to N35.465 trillion

16 Sep Nigeria’s total public debt rises to N35.465 trillion

The Debt Management Office (DMO) yesterday said Nigeria’s total public debt, comprising states and federal government debt obligations, grew by 7.75 per cent, from N32.916 trillion in December 31, 2020, to N35.465 trillion as of June 30, 2021.

The federal government bears 83.07 per cent of the debt burden while the states and the Federal Capital Territory (FCT) account for 16.93 per cent

Domestic debt accounts for 68.40 per cent while the external component stands at 38.60 per cent.

Director General of the Debt Management Office (DMO), Ms. Patience Oniha, who gave the figures during a virtual debt management presentation to the media yesterday, said the total external debt component, which was N12.706 trillion as of December 31, 2020,  rose to N13.711 trillion as of June 30, 2021.

Oniha also said total domestic debt increased from N20.210 trillion as of December 2020, to N21.754 trillion as of June 30, 2021.

A breakdown of this gives N17.632 trillion for the federal government, while N4.122 trillion is for states and the Federal FCT.

Of the N13.711 trillion external debt, the federal government only accounts for N11.828 trillion while the states and FCT make up the balance of N1.883 trillion.

Explaining the latest move by the federal government to secure $4.054 billion, €710 million and $125m fresh borrowing, Oniha stated that it had nothing to do with President Muhammadu Buhari as an individual.

According to her, approval has already been secured from the Federal Executive Council (FEC) and the National Assembly under the under the 2018-2020 External Borrowing (Rolling) Plan to finance capital projects.

She said there are entrenched processes and statutory instruments, including annual budgets, anchored on the Medium Term Expenditure Framework (MTEF), which allowed borrowing.