It is no longer secret that Nigeria’s debt is hitting the roof.

It now stands at 22.43 trillion naira as of September 30, 2018, according to data from the Debt Management Office, DMO.

As of June 30, 2015, Nigeria’s total debt stood at 12.12 trillion naira.

This means that within the tenure of the present administration which came to power on May 29, 2015, the country’s total debt has risen by 10.31 trillion naira or 85.06%.

Of the total debt, the external component (foreign debt) of both the Federal Government and state governments’ debts including that of the Federal Capital Territory stood at $21.59 billion.

As of June 30, 2015, the external debt component of the country’s total debt stood at $10.32 billion. This means that the external debt component rose by $11.27 billion or 109.21%.

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On the other hand, the domestic debt of both the Federal Government and the subnational governments stood at 15.81 trillion naira.

Analysing the debt statistics further showed that the domestic debt of the Federal Government alone stood at 12.29 trillion naira as of September 30, 2018.

The domestic debt of the Federal Government as of June 30, 2015, stood at 8.4 billion naira while that of the states and FCT stood at 1.69 trillion naira.

The DMO added that the debt statistics as of September 30, 2018, was only slightly different from the statistics as of June 30, 2018.

On the difference between the debt statistics of the two quarters, the DMO said, “External debt declined by 2.02 per cent to $21.59 billion due largely to the redemption by Nigeria of a $500 million Eurobond which matured on July 12, 2018”.

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