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Nigeria’s debt rises to N25t

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Accounts for $7b secure deals at AIF

NIGERIA’S total debt has risen to N24.947 trillion (or $81.274 billion) to mark a 2.3 per cent increase as of March 31, 2019.

A release by Debt Management Office (DMO) yesterday gave this hint while stating that total public debt grew marginally by 2.30 per cent.

According to DMO, Nigeria borrowed N24.387 trillion (or $79.437 billion) as at last Quartre of 2018.

The increase of N560.009 billion in total public debt in first Quartre of 2019 was mainly accounted by domestic debt which grew by N458.363 Billion.

It stated further that publishing public debt data comprising the domestic and external debts of owed by federal government, the 36 States and Federal Capital Territory (FCT), has released the Total Public Debt Data as at March 31, 2019.

“At ₦24.947 trillion ($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 ($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 percent at the end of March 2019.

The Total Public Debt to GDP Ratio was 19.03% which is within the 25% Debt Limit imposed by the Government,” the release reads.

Meanwhile, African Development Bank (AfDB) has stated that Nigeria accounted for $7billion of the $38.7billion inflows that were secured for the African continent at the maiden edition of the African Investment Forum (AIF) held in South Africa in 2018.

Senior Country Director for Nigeria at AfDB, Ebrima Faal, disclosed this in Abuja on Tuesday at a roadshow to promote the second edition of the forum coming up in South Africa in November.

According to him, the forum convened over 2,000 participants representing 87 countries, including eight heads of governments in November 2018, while deals worth a total of $46.9bn were discussed with 49 deals valued at $38.7bn secured.

“At the 2018 Africa Investment Forum, West Africa accounted for 36 per cent of the deals that were closed. 19 projects worth $16.1billion were presented, of which 16 projects valued at $13.1billion secured investment. Our region grossed the highest value in deals, followed by the host region accounting for 22.7 per cent,” he said.

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