Nigeria’s total debt is N17.36 trillion as at December 2016 – DMO

The Director-General of the Debt Management Office, DMO, Abraham Nwankwo, said that the nation’s total debt profile as at December 31, 2016 was $57.39 billion (N17.36 trillion).

He made this known when defending the agency’s 2017 budget before the Senate Committee on Local and Foreign Debts in Abuja on Thursday.

Mr. Nwankwo said the amount included domestic and foreign debts owed by the country as at the end of 2016.

While giving a breakdown of the debt profile, he said the external debt profile stood at $11.41 billion (N3.48 trillion), while the domestic debt stock stood at $45.98 billion (N13.88 trillion).

According to him, the debt stock of N17.36 trillion owed by the country included debts of the Federal Government, the 36 states of the federation and the Federal Capital Territory, FCT.

Mr. Nwankwo also said that the difference was due to the projected debt service payments in respect of new financing that was not fully utilised, as only few loans became effective during the period.

(Culled from NAN)