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Nigeria’s Debt Profile Hits N32.2tn

Nigeria has borrowed a total of N32.2 trillion ( $84.57 billion) at the end of September 2020, the Debt Management Office announced on Thursday.

The figure implies that the nation’s debt profile rose by N1.19tn between the second and third quarters of 2020.

According to a breakdown provided by the DMO on its website, the Federal Government’s total debt stood at N28tn as of September while the debt of the states and the Federal Capital Territory stood at N4.19tn.

Further disaggregation of Nigeria’s public debt showed that the domestic debt is N20tn or 62.18 per cent of the total debt while foreign debt is 37.82 per cent.

As of the end of June 2015, one month after President Muhammadu Buhari came into power, the country’s debt profile stood at N12.12tn.

The new figure released by DMO means that Nigeria’s debt since Buhari took over in 2015 has risen by N20.08tn in five years.

It also means that the country’s debt profile rose by 165 per cent within five and three months.

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