Nigeria borrows N560bn in three months

Figures released by the Debt Management Office (DMO) on Wednesday have shown that Nigeria increased its debt stock by N560billion in three months.

The figures showed that the total debt stock as at March 31, 2019, was N24.9 trillion compared to the N24.3 trillion as of December 31, 2018.

The breakdown showed that the total external debt stood at N7.8 trillion ($25.6 billion) while domestic debt was N17 trillion ($55.6 billion).

Of the total stock, foreign debt constituted 31.5 percent, while domestic debt accounted for 68 percent.

The document showed that the CBN exchange rate of N306.95/$ was used in converting domestic debts to dollars.

The increase in the debt stock was was accounted for largely by Domestic Debt which grew by N458.363 Billion, according to the DMO, and was accounted for by Federal Government, States and the FCT.

Foreign debt on the other hand, increased by N101.646 billion during the same period.

The DMO said total debt to GDP ratio is 19.03% which is within the 25% debt limit imposed by the government.