Nigeria’s total debt rose to N19.15 trillion or $63 billion as of March 2017, from the record of N17.36 trillion at the end of last year, the Debt Management Office has said. This show a rise in the total debt profile of N1.79 trillion. This means that the government between December and March this year incurred additional debt of N1.79 trillion.
It will be recalled that Nigeria raised $1 billion in February and $500 million in March from Eurobond sales.
The external component of nation’s debt stock stood at $13.80 billion at the end of the first quarter, against $11.40 billion at the end of December, the debt office said on its website. Local debt fell from N13.88 trillion last year to N11.97 trillion in the first three months of 2017.
Federal The government intends to use the money raised to plug its budget deficit and fund infrastructure development. The record N7.44 trillion 2017 budget was passed by lawmakers last month but is yet to be signed into law by the presidency.
The government planned to spend N6.1 trillion last year as part of its bid to increase capital expenditure, but struggled to fund its budget. The 2017 plan projects a deficit of N2.21 trillion, implying a deficit equivalent to 2.18 per cent of Nigerian GDP.
DEBT MANAGEMENT OFFICE, ABUJA
FEDERAL GOVERNMENT DOMESTIC DEBT STOCK BY INSTRUMENT AS AT MARCH 31ST, 2017
INSTRUMENT AMOUNTS IN NAIRA %PROPORTION
FGN Bonds 8,177,746,324,934.68 68.31%
Nigerian Treasury Bills 3,600,534,240,000.00 30.08%
Nigerian Treasury Bonds 190,988,000,000.00 1.60%
FGN Savings Bond 2,067,961,000.00 0.02%
TOTAL 11,971,336,525,934.68 100.00%
