Nigeria uses N76.951bn to service debt in Q2 of 2019

The Debt Management Office (DMO), says Nigeria has so far spent N76.951 billion to service its debt in the second quarter of 2019.

According to information from its website on Wednesday, Nigeria’s total domestic and external debt as at June 30 is N25.7 trillion as against the N24.38 trillion recorded in Dec. 31, 2018. The present figure shows an increase in the debt stock of N1.32 trillion.

The DMO said that the current total debt stock comprised both the Federal Government debt, that of the 36 states and the Federal Capital Territory (FCT).

For the Federal Government, the DMO said it owed N20.42 trillion, while the states and FCT owed N5.27 trillion. Of the Federal Government debt, N7.01 trillion was categorised as external debt, while N13.412 trillion was categorised as domestic debt.

For the states and the FCT, N1.309 trillion was owed externally, while N3.966 trillion was owed domestically, the DMO said.

Giving details of the Federal Government’s domestic debt stock by instrument, the DMO said Bonds accounted for N9.691 trillion and Treasury Bills N2.651 trillion. Others are Treasury Bonds N125.9 billion, Savings Bond N10.431 billion, Sukuk N200 billion, Green Bond N25.69 billion and Promissory Notes N707.7 billion.