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The country’s debt profile has risen by 4.17 trillion naira representing 34.41 percent under President Muhammadu Buhari, data released by the Debt Management Office revealed.
The data showed that within the one-year period (July 2015 to June 2016), the country’s total debt rose by N4.17tn, or 34.41 per cent.
Statistics obtained from the DMO on Tuesday showed that the country’s debt profile rose by N16.29tn.
According to the data, total debt liability had risen to N16.29tn as of June 30, 2016. As of June 2015, the country’s total debt stood at N12.12tn.
A breakdown of the country’s debt profile shows that external debt by the federal and state governments stood at $11.26bn or N3.19tn as of June 30, 2016. It was $10.32bn or N2.03tn by July last year.
According to the DMO, the Central Bank of Nigeria’s official exchange rates of N283 to $1 as of June 30, 2016, and N197 as at December 2015 were used in arriving at the naira equivalent of the foreign debt status.
The DMO, in a document, ‘Nigeria’s Debt Management Strategy 2016-2019’, said at least 30 per cent of the nation’s domestic debt would fall due within a one-year period.
It added that refinancing the 30 per cent component of the domestic debt posed high risk to the economy because of high interest rate.
The data showed that within the one-year period (July 2015 to June 2016), the country’s total debt rose by N4.17tn, or 34.41 per cent.
Statistics obtained from the DMO on Tuesday showed that the country’s debt profile rose by N16.29tn.
According to the data, total debt liability had risen to N16.29tn as of June 30, 2016. As of June 2015, the country’s total debt stood at N12.12tn.
A breakdown of the country’s debt profile shows that external debt by the federal and state governments stood at $11.26bn or N3.19tn as of June 30, 2016. It was $10.32bn or N2.03tn by July last year.
According to the DMO, the Central Bank of Nigeria’s official exchange rates of N283 to $1 as of June 30, 2016, and N197 as at December 2015 were used in arriving at the naira equivalent of the foreign debt status.
The DMO, in a document, ‘Nigeria’s Debt Management Strategy 2016-2019’, said at least 30 per cent of the nation’s domestic debt would fall due within a one-year period.
It added that refinancing the 30 per cent component of the domestic debt posed high risk to the economy because of high interest rate.
