Nigeria’s total debt stock rose to N11.24 trillion from N10.4 trillion or $67.72 billion as at December 31, 2014 according to latest data from the Debt Management Office (DMO).
This is a 7.7 per cent rise above the N10.4 trillion or level of the country’s total debt as at June 2014.
External debt rose to N1.63 trillion or $9.7 billion by the end of 2914 from N1.46 trillion ($9.37 billion) which it was by June last year, while domestic debt stood at N7.9 trillion ($47.04 billion) up from N7.42 trillion ($47.65 billion).
According to the DMO, 34 states and the FCT and estimated stock for Ekiti and Bayelsa States as at December 2013 had total domestic debt of N1.7 trillion or $10.9 billion.
The total external debt of N1.63 trillion was owed to the World Bank, the African Development Bank (AfDB), Exim Bank of China and French Development Agency (AFD) as well as the Eurobond.
Nigeria’s multilateral debt to the World Bank and AfDB stood at $6.7 billion, while bilateral debt owed to the Exim Bank of China and AFD is $1.4 billion.
The federal government plans to use 22 per cent of the 2015 proposed budget amounting to N943 billion to service debt compared to N712 billion which it budgeted for debt servicing last year.