Nigeria’s Debt Profile On Increase, Hits N21.7 Trillion, Says DMO

DMO Director General, Oniha

The Nigeria’s Debt Management Office (DMO) has disclosed that the nation’s total debt profile is on the increase, having increased by 25 percent in 2017 to hit N21.7 trillion more than N17.36 trillion recorded in 2016.

Further breakdown of the total debt profile indicates that 30 percent and 70 percent constitute foreign and domestic debts respectively, after sale of $2.5 billion Eurobond in February.

The Director General of DMO, Ms Patience Oniha, released the debt statistics of Nigeria Wednesday in Abuja.

She gave indication that Nigeria’s first Eurobond will be repaid when it matures in July, 2018.

The DMO explained that Nigeria, is trying to increase its ratio of foreign, dollar-serviced debt to local debt, in a bid to lower costs.

Oniha affirmed that the Eurobond sales last year boosted foreign reserves by $4.8 billion, in addition to February’s $2.5 billion gain.