Nigeria’s debt now N12.12tn –DMO

Nigeria’s total debt stock now stands at N12.12tn ($63.81bn), the Debt Management Office has said. Statistics obtained from the organisation on Sunday showed that the domestic debt stock of the Federal Government as of June 30 stood at N8.39tn or $42.63bn. The domestic debts of the 36 states of the federation and the Federal Capital Territory Administration, on the other hand, stood at N1.69tn ($10.86bn) at the end of June. On the external sector, the country’s debt stock was put at $10.32bn (N2.03tn) at the end of June. The DMO gave a hint that the actual domestic debt of the states could be higher because the figure only reflected the position of the indebtedness of the states as of December 31, 2013. It added that the compilation of the 2014 debt stock for the states and the FCT was in progress. In the first quarter of the year, the country’s total debt stock stood at N12.06tn. This shows a marginal increase of 0.5 per cent or an addition of N60bn within the period of three months. As of March 31, the domestic debt of the Federal Government stood at N8.51tn. This shows a decline of N120bn or 1.41 per cent. There was no difference in the domestic debts of the states and the FCT as the DMO has been working with the figures of December 2013.