Nigeria’s Debt Rises to N27.4trillion – The Debt Management Office (DMO) just made knowN the increase in the debt owed by the Federal Republic of Nigeria. As of December 2019, the countries total debt hit N27.4trn. This release was done on Wednesday, 1 April 2020 and it indicated an increase in the country’s debt by 9% compared to the debt as of September 2019 which was N26.2trillion.
The nation has acquired even more debts in almost a decade. See statistics below:
2014 – N12.1 trillion
2015 – N12.6 trillion
2016 – N17.36 trillion
2017 – N22.37 trillion
2018 – N24.38 trillion
2019 – N26.2 trillion
2020 – N27.4 trillion
You can see a subsequent increase in National Debt.
The exchange rate from the Central Bank of Nigeria (CBN) as at 31st December, 2019 was used to convert the national debt to dollars. This exchange rate as at the time was N326 per dollar and when the conversion was made, the debt came out to be $84.1 billion.
DMO revealed that these debts were both external and domestic debts owed by the FGN and that of the 36 states.
A huge majority of these debts are domestic and from analysis done, domestic debts took 67.1% which was equivalent to a sum total of N18.3 trillion.
Further breakdowns revealed that the Federal Government had 52.1% of the domestic debt (N14.2 trillion). Also, the analysis showed that all the states in the Federation not excluding the FCT owed 14.9% of the debt (N4.1 trillion).
External debt owed by the Federation was found to be 32.9% of the entire debt which is N9.02 trillion. The FGN had 27.5% (N7.5 trillion) of this external debt and the states (including the FCT) had 5.4% of this external debt which came out as N7.5 trillion from the analysis made.
Everything stated above shows the total of the country’s debt portfolio of the nation.