Nigeria’s Total Debt Stock Hits N6.24tn

Nigeria’s Debt Management Office (DMO) has said that the country’s total debt stock, which includes external and domestic debts, has risen to N6.24tn ($40bn) as at the end of September 31, 2011.
The DMO’S website gave information which showed that total debt stock, rose by 3.65% from N6.02tn recorded in June 30, 2011, to N6.24tn in September 2011, was due to new disbursements on the existing loans and exchange rate variations.
The Director-General of DMO, Dr. Abraham Nwankwo, however said on Friday, in Lagos, at an interactive session organised by the DMO, that the total public debt stock in the country currently represented about 19.6% of the GDP, as against the applicable critical limit of 40% for countries in Nigeria’s economic peer group.
Nwankwo added that the Federal Government had set 25% limit for the nation, as against 40% limit for other developing nations like Nigeria.
“Even though, the global standard is 40%, Nigeria has set herself 25% and we are at 19%, then we are doing well”, he added.

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