The Nigerian Debt Management Office ( DMO) has disclosed that at end June this year, the nation’s External debt stood at US$6.035Billion and Domestic debt at US$39.456Billion.
It added that of the US$6.035 billion foreign debt commitment, the Federal Government’s portfolio is US$3.820 billion, while the balance of US$2.214 billion was the portion being held by States representing 63.30% and 36.70% respectively with total debt / GDP Ration of 18.32% far below the 40% threshold approved for countries in Nigeria category.
The Director-General of the Agency, Dr. Abraham Nwankwo revealed this October 18, when the Senate Committee on Local and Foreign Debts visited the Agency on an oversight mission.
Dr. Nwankwo added that the body had concluded the debt reconstruction exercise in all the 36 States of the Federation,including the Federal Capital Territory ( FCT), aimed at ascertaining their debt commitments.
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