At the time some analysts are expressing concerns that Nigeria is borrowing too much, it has come to light that between September 2015 and September 2017, Nigeria’s debt stock has risen by 64.81% to 8 trillion naira.

According to statistics from the Debt Management Office, DMO, Nigeria’s total debt stock as of the end of September this year stood at 20.37 trillion naira, while the figure at the same period in 2015 stood at 12.36 trillion naira.

This means that within a period of two years, Nigeria has borrowed 8.1 trillion naira.

The DMO did not give a breakdown of the federal and state governments’ components of the total debt commitment. However, the bulk of the debt usually belongs to the Federal Government.

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As of 2015, part of the loan obtained from overseas stood at 2.09 trillion. However, as of September 30, 2017, the foreign loan component stood at N4.60 trillion. This means that the external debt component rose by 2.6 trillion or 124.4%.

The domestic debt component of the total debt, on the other hand, rose from 10.27 trillion as of September 2015 to 15.68 trillion the same time this year.

This means that within the two-year period, the domestic debt rose by 5.41 trillion naira. In percentage terms, the domestic debt increased by 52.68%.

Meanwhile it has also come to light that the Eurobonds make up more than a fifth of Nigeria’s total foreign debt portfolio of $66.63 billion as of September and more than half of interest paid in the third quarter of this year. 

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