Debt Management Office (DMO) has revealed that as at June 2016, Nigeria’s external debt accounted for only 18.33 per cent of the country’s total debt stock of about N16 trillion.
Director General of DMO, Dr Abraham Nwankwo, who disclosed this in a statement recently, said that within that very small external debt, concessional debt (with average interest rate of about 1.25 per cent per annum and average tenor of about 40 years), accounted for about 80 per cent of the total.
It was gathered that the Federal Government, the 36 states and the Federal Capital Territory (FCT) will commit N67.2 billion to servicing their external debt obligations for a six-month period (July- December) 2016, it has been gathered.
The Debt Management Office (DMO’s) latest figure on external debt of federal and state governments as of June 30, 2016, according to a document on debt service breakdown, stood at $11.26 billion or N3.19 trillion. It was $10.32 billion or N2.03 trillion in July […]