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LequteMan
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The Debt Management Office on Tuesday said that Nigeria's foreign debt stands at $9.38 billion, an increase of 40 percent in absolute terms from its last publicly available data of $6.7 billion at the end of March 2013.
Local debt currently stand at 8.9 trillion naira($55 bln), up 37.1 percent from 6.49 trillion naira at end-March 2013. But the debt-to-GDP ratio is 12.51 percent of its rebased GDP, down from 21 percent at end-March 2013, the DMO said.
#Nigeria according to #Reuters rebased its economy in April, almost doubling its gross domestic product to more than $500 billion, making it Africa's top economy.
"This is not an indication that Nigeria can borrow without caution ... because our tax GDP ratio is very low," DMO director general Abraham Nwankwo told reporters.
Local debt currently stand at 8.9 trillion naira($55 bln), up 37.1 percent from 6.49 trillion naira at end-March 2013. But the debt-to-GDP ratio is 12.51 percent of its rebased GDP, down from 21 percent at end-March 2013, the DMO said.
#Nigeria according to #Reuters rebased its economy in April, almost doubling its gross domestic product to more than $500 billion, making it Africa's top economy.
"This is not an indication that Nigeria can borrow without caution ... because our tax GDP ratio is very low," DMO director general Abraham Nwankwo told reporters.
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