Despite the warnings from the International Monetary Fund and some Nigerians over government borrowing and the rising debt stock of the country, the Debt Management Office (DMO) says that the total public debt of the country to the Gross Domestic Product ratio is 19.03 percent and within the 25 percent debt limit imposed by the Nigerian government.
In its report of the debt stock in the first quarter of this year, the DMO said that Nigeria’s total public debt rose to N24.947 trillion in March 31, 2019. .
In a statement on Wednesday in Abuja, the DMO said that the debt stock grew marginally by 2.3 percent from N24.387 trillion recorded in December 31, 2018.
According to the DMO, the debt stock comprises the domestic and external debts of the Federal Government, the 36 states and the Federal Capital Territory (FCT) of Abuja.
It added that the debt, which rose by N560 billion was due largely to the domestic debt, which grew by N458.36 billion, while external debt also increased by N101.64 billion during the same period.
It explained that the ratio of domestic to external debt stood at 68.49 percent to 31.51 percent at the end of March.
The breakdown of the debt stock showed that the Federal Government presently owes N13.1 trillion domestically, while the states and the FCT owe N3.97 trillion. ($1=N305)
GIK/APA