Its no news that Nigeria’s public debt has been on the rise over the last few years. However, the CBN confirmed total debt profile as at December 2011 was N6,519.6b (N6.5tr) and 18% of GDP. This came higher than the N5.2tr in 2010. External debt was N896.6b ($5.7b)of the total whilst the rest are local debts. In fact the DMO puts the figures as at March 2012 at N5.966tr and $5.912b for Naira and dollar respectively. The Government will probably say at 18% of GDP our debt level is till way below the international benchmark of 30%. At 16.6%, total debt to revenue is also way below the 25% max recommended internationally. Anyway for information sake here is a breakdown of our debts;
Debt Service breakdown
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