NIGERIA’S total public debt rose to N25.7trillion ($83.882billion) by the end of June 2019, according to the Debt Management Office (DMO).
This is an increase of about N753billion over the N24.947trillion reported by the government agency as the total debt as of the end of March.
According to the figures released by the DMO on its website on Tuesday, the total debt stock is made up of both foreign and domestic debts of the federal and state governments. While the Federal Government’s debt stood at N20.5 trillion ($66.75 billion), that of the 36 states and the FCT was N5.3 trillion ($17.2 billion) by the end of June.
A breakdown of the debts provided by the DMO shows that the country’s total external debt stock stood at N8.3 trillion ($27.162billion) with the Federal Government owing N7 trillion ($22.9billion), while the 36 states and the Federal Capital Territory (FCT) owe N1.3trillion, ($4.274 billion)
As of the end of June, domestic debt stood at N17.4 trillion ($56.7 billion). While the Federal Government’s owes N13.4 trillion ($43.8 billion), states and the FCT owe N4trillion ($12.9billion).
Although many Nigerians have expressed concern over the nation’s rising debt profile, the Minister of Finance, Budget and National Planning, Zainab Ahmed, said the country’s problem was not debt but revenue.
The nation’s debt stock, which has been on the upward trend since 2008, hit N7,554,258,000,000 by December 31, 2012. It rose to N7,532,283,520,000 by the end of March 2013 and N 7,928,554,310,000 by June 30, 2013. By the end of September 2013, it rose to N8,320,054,280,000, got to N10,044,198,820,000 by December 31, 2013 and hit N10,162,342,830,000 by March 31, 2014.
The nation’s public debt rose to N10,433,045,350,000 by the end of June 2014, climbed to N10,841,246,420,000 by September 30, 2014 and became N11,243,120,220,000 by the end of 2014.
At the end of March 2015, it was N12,062,335,230,000, it then climbed to N12,118,849,450,000 by the end of June, rose to N12,358,494,150,000 by the end of September and became N12,603,705,280,000 as of December 2015.
Nigeria’s indebtedness rose to N13,830,577,980,000 by March 2016, climbed to N 16,296,709,510,000 by June 2016, became N16,884,064,330,000 by September 2016 and hit N 17,360,009.58 by December 31, 2016.
By the end of the first quarter of 2017 on March 31, the nation’s public debt was N19,159,809,160,000, rose to N19,636,982,660,000 by the end of June, got to N20,373,428,590,000 by the end of the third quarter on September 30, and became N21,725,773,030,000 by the end of December 2017.
The debt profile climbed up to N22,707,203,790,000 by the end of March 2018, hit N22,379,666,270,000 by June 30, 2018, became N22,428,802,940,000 by the end of September 2018, rose to N24,387,071,740,000 by December 31, 2018 and plateaued at N24.947 trillion as of March 31, 2019.