Shell Energy Entrepreneurs banner Yudala banner
Nigeria’s debt hits N20.373 trillion

By News Express on 14/11/2017

Share on facebook Yahoo mail icon Gmail icon

Views: 674

•DMO DG Patience Oniha
•DMO DG Patience Oniha

The Total Public Debt Stock, comprising the Federal Government, States and Federal Capital Territory, stood at N20.373 trillion as at September 30, 2017, according to the Debt Management Office (DMO). This represents a marginal increase of 3.6 per cent from the N19.637 trillion as at June 30, 2017. 

A breakdown of the Debt Stock as contained in a DMO document obtained in Abuja on Tuesday morning, shows that Domestic Debt accounted for 76.96 per cent, while External Debt accounted for 23.04 per cent.

Specifically, Domestic Debt Stock was N15.679 trillion, which is an increase of 4.1 per cent compared to N15.034 trillion as at June 30, 3017. On the other hand, External Debt Stock stood at N4.694 trillion, a marginal rise of 1.9 per cent above the N4.602 trillion figure as at June 30, 2017.

“These debt data,” according to the DMO documents, “lend credence to the Government’s claims that the Public Debt Stock is skewed in favour of domestic debt which is partly responsible for the high Debt Service figures. It is against this background that analysts have commended the Government on its strategy of introducing lower cost external debt into the debt stock in order to reduce Debt Service Costs. For this purpose, the Government is making arrangements to raise external funds of USD5.5 billion. The amount which comprises of USD2.5 billion new borrowing to part finance the N2.322 trillion deficit in the 2017 Appropriation Act and USD3.0 billion to repay maturing Domestic Debt, is expected to achieve a reduction in Interest Costs of about N75 billion and N91 billion respectively, when compared to the Interest Cost of borrowing in Naira in the domestic market. The strategy will also contribute to attaining the target ratio of 60:40 between Domestic and External Debt.”

Other benefits of this strategy, according to DMO, include increased availability of funds to the private sector and lower domestic lending rates both of which will enable the private sector contribute to growth, as well as, higher level of External Reserves to support the Naira Exchange Rate.


 

 

Source News Express

Posted 14/11/2017 12:20:53 PM

 

Share on facebook Yahoo mail icon Gmail icon


 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

 

You may also like...
Fashola seizes Obasanjo’s van; OBJ retaliates, impounds 10...

Ekiti 2014 Governorship: BAMIDELE HAS RIGHT TO CONTEST...

Mimiko to Buhari: Ondo may boil if Jimoh...

Change Movement Nigeria condemns alleged discrimination against women...

How terrorists killed over 60 Lagos-bound passengers at...

Customs inducted into FOI ‘Hall of Shame’

Delta State Govt. assures continued partnership with actors...

We won’t tolerate any threat to Nigeria’s sovereignty...

Senate rejection of Magu as EFCC Chairman in...

Unification of Governors’ Forum another masterstroke by Amaechi,...

Salvation Rally: Rivers APC dismisses call for Amaechi’s...

Kogi Governor declares war on kidnappers

 

Latest News 12 killed, 48 wounded in Maiduguri suicide bomb attack 6 killed in fresh Benue attacks American, Canadian kidnapped in Kaduna, 2 police escorts killed Wicked grandma burns 9-year-old granddaughter’s hands for eating brother’s food Fake healer held over fake pregnancies School children donate household items to troops fighting insurgency in North-East Seek justice and reparation for victims of attacks by herdsmen, SERAP tells Buhari UK Prime Minister appoints Minister for Loneliness Bauchi Fertiliser Company set to take over northern market Ohanaeze President General dismisses accident rumour Militancy: Bayelsa professionals seek investigation of Sylva, Lokpobiri Umeh unfolds agenda as Senator for Anambra Central

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (314,594 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (303,740 views) Shameless Genevieve Nnaji exposes breasts in public (243,876 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (200,976 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (189,692 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (178,949 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (155,228 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (139,183 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (135,853 views) Lagos plane crash: Journalist releases victims’ names (124,191 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (121,328 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (118,712 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (33) Business (2,850) Business Verdict (32) Columnists (790) Complaints & Requests (94) Enterprise & Opportunities (200) Entertainment (431) Features (541) Global Business Monitor (222) International (1,743) Interviews (139) Live Commentary (28) Love Matters (100) News (31,951) Opinion (864) Pidgin (10) Politics (4,351) Religion (666) Sports (1,405) Stock Watch (25) AMA & Al Jazeera Global Update

 

CBN Banner advert

CBN Words on marble

 

 

Thierry Henry in Lagos Nigeria

 

APO Group Partner

 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement



 

 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!