Nigeria’s total debt now $40bn

This Day

22 December 2011

Nigeria’s total debt now $40bn

Nigeria 's total external debt stood at $5.6 billion, its domestic debt was N5.3 trillion ($34.4 billion).

The Debt Management Office (DMO) has put Nigeria’s total debt ( external and domestic debt) as at the end of September this year, at $40 billion.

Director-General, DMO, Dr. Abraham Nwankwo, who disclosed this at the weekend in an interactive session with journalists in Lagos, however allayed fears that the country’s debt profile had risen astronomically.

A breakdown of the figure by Nwankwo, showed that whereas the country’s total external debt stood at $5.6 billion, its domestic debt was N5.3 trillion ($34.4 billion).

He argued that the total debt figure at 19.6 per cent of the nation’s Gross Domestic Product (GDP), was sustainable.