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Nigeria’s Domestic Debt Rises 9.2%

The quarterly data released by the Debt Management Office (DMO) shows that the Federal Government of Nigeria’s (FGN) domestic debt at the end of June this year now stands at N7.42 trillion or $46.1 billion, equivalent to 9.2 per cent of the rebased 2013 gross domestic products (GDP).

Analysis of the numbers shows an increase of N240 billion in the second quarter out of which new issuance of FGN bonds by the DMO accounting for N200 billion.

A further analysis of the numbers shows that the debt burden rising to 11.0 per cent when the FGN’s external debt is included.

Reacting to the development, analysts at FBN Capital noted that the indebtedness ratios owe much of course to the rebased national accounts published by the National Bureau of Statistics (NBS) recently.

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