Nigeria’s debt profile rises to N32.2trn

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The Debt Management Office on Thursday announced that Nigeria’s public debt hit a total of N32.2 tn at the end of September.

The deduction from this figure is that the nation’s debt profile rose by N1.19tn between the second and third quarter 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 2020 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 20tn or 62.18 per cent of the total debt while foreign debt is 37.82 per cent.

In dollar terms, Nigeria’s total debt is $84.57bn.

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