Nigeria’s debt profile rises to N16.29tn - 9JAOlofofo | Nigeia #1 gossip site.

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Wednesday, 21 September 2016

Nigeria’s debt profile rises to N16.29tn

Nigeria’s debt profile has risen to N16.29tn, barely sixteen months after President Muhammadu Buhari took over seat of power.
Statistics released by Debt Management Office, DMO, on Tuesday, show that Nigeria’s total debt liability had risen to N16.29tn as of June 30, 2016. As of June 2015, the country’s total debt stood at N12.12tn.
This means that within the one-year period (July 2015 to June 2016), the country’s total debt rose by N4.17tn, or 34.41 per cent.
A breakdown of the country’s debt profile as obtained by Punch shows that external debt by the federal and state governments stood at $11.26bn or N3.19tn as of June 30, 2016. It was $10.32bn or N2.03tn by July last year.
According to the DMO, the Central Bank of Nigeria’s official exchange rates of N283 to $1 as of June 30, 2016, and N197 as at December 2015 were used in arriving at the naira equivalent of the foreign debt status.
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