Nigeria’s Debt Profile Rises To N10.5trn

Director General, Debt Management Office (DMO), Dr. Abraham Nwankwo has said the country’s current public debt portfolio made up of both domestic and international borrowings stood at about N10.5 trillion compared to about N10 trillion in December 2013.

Although, the rising debt is raising concerns in some quarters, Nwankwo said the debts remained sustainable and tailored to reflect challenges and aspirations of the country.

Speaking in Abuja at a seminar for finance correspondents on understanding the bonds market, he said total domestic debt stock stood at about N8.9 trillion while its external component is valued at about $9.38 billion.

Nwankwo said though Nigeria’s Debt to GDP ratio remained low at 12.51 percent after the recent rebasing, allowing for more capacity to borrow, it could not afford to borrow without adequate precaution.