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Nigeria only owes N26t – DMO

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NIGERIA’s current debt is only N25.7 trillion which represents an increase by N1.32 trillion from last six months’ figure.  This is contained in a release issued on the official website of Debt Management Office (DMO), Abuja, yesterday.

 According to the post, the figure which covers up to June 30, captures both  domestic and external debts.

  “The current total debt stock comprised both the federal government debt, that of the 36 states and Federal Capital Territory (FCT), Abuja. While federal government owes N20.42 trillion, states and FCT owe N5.27 trillion.

Of the federal government share, N7.01 trillion is categorised as external debt, while N13.412 trillion is domestic. For states and FCT, N1.309 trillion is owed externally with N3.966 trillion owed domestically,” the statement reads.

  A further breakdown of details shows federal government’s domestic debt stock by instrument accounting for N9.691 trillion with Treasury Bills recording N2.651 trillion. Other heads were given as N125.9 billion from more Treasury Bonds, Savings Bond accounts for N10.431 billion, Sukuk yielded N200 billion, Green Bond brought N25.69 billion and Promissory Notes indebting Nigeria to N707.7 billion.

  DMO also said that the nation spent N76.951 billion for debt servicing in second quarter of current year. It will be recalled that Nigeria’s total debt stock stood at N24.38 trillion as at December 31, 2018.

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