Fidelity bank banner UBA banner
Nigeria’s debt hits N20.373 trillion

By News Express on 14/11/2017

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 1,078

•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 Share on Google+


 

CLASSIFIED ADS

 

You may also like...
“Operation Kenya Must Fall”: Keshi invites 39 stars...

State of the nation: Nigerians expecting too much...

Boko Haram bombers change tactics

100 Nigerian students face deportation from UK over...

Okocha demystifies Wike, as ‘Hurricane Amaechi’ blows through...

Bank of Ghana to prosecute executives of failed...

Breaking News: BOKO HARAM BREAKS CEASE FIRE AGREEMENT,...

16 herdsmen tried and convicted in Abuja •32...

Jonathan’s CSO rearrested after leaving hospital, may not...

Rivers LG election: PDP commences campaign

414 senior police officers promoted to the next...

Oil rises over $70 for the first time...

 

Latest News Boko Haram set to deploy drones — US Intelligence Shocking things Saraki told supporters on exit from APC Militants kill 40 IDPs, burn camp Presidential panel exposes SARS, knocks police APC sweeps Katsina and Kwara bye-elections Tension in CAN over alleged plot by President to impeach deputy Buhari set to present THE NEXT LEVEL as 2019 campaigns begin 4 killed in Rivers cult war FG to raise funds from capital market to fund universities Why Muslim-Muslim ticket remains major hurdle for el-Rufai in Kaduna Bayelsa Govt. talks tough as vigilante nabs killers of varsity student in Yenagoa 11 perish in Ogun boat accident

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (421,655 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (390,281 views) Shameless Genevieve Nnaji exposes breasts in public (323,239 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (271,764 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (244,351 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (227,572 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (209,218 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (190,782 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (176,032 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (168,671 views) Lagos plane crash: Journalist releases victims’ names (165,210 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (152,091 views)

 

Zenith Zero Balance First Bank banner

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (73) Business & Economy (3,797) Business Verdict (54) Columnists (964) Complaints & Requests (94) Enterprise & Opportunities (208) Entertainment (567) Features (669) Global Business Monitor (310) International (2,693) Interview (167) Live Commentary (28) Love Matters (146) Maggie's Blog (38) News (40,633) Opinion (1,142) Pidgin (13) Politics (7,772) Religion (901) Sports (1,778) Stock Watch (35) AMA & Al Jazeera Global Update

 

 

 

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera