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The Debt Management Office, DMO, has released 25 Trillion naira debt profile of the Federal Government and that of 36 States of the federation, including the FCT.
Analysts describe the figures as staggering.
According to the DMO, which released the data on its website, the public Debt Data comprising the domestic and external debts of the Federal Government and 36 States including the FCT as at March 31, 2019 are as follows:
“At ₦24.947 Trillion (US$ 81.274 Billion) as at March 31, 2019, the Total Public Debt grew marginally by 2.30% when compared to the figure of ₦24.387 Trillion (US$ 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% to 31.51% 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 statement read.