The nation’s total debt stock rose by N2.63tn ($16.84bn) from N7.53tn ($48.36bn) in March 2013 to N10.162tn ($65.2bn) as of March 31, 2014, indicating a 34.93 per cent rise within a period of one year, data released by the Debt Management Office on Wednesday showed.
From December 2013 to March 31, 2014, the country’s total debt stock rose by over N120bn from N10.04tn to N10.162tn, according to the latest statistics.
The statistics showed that the domestic debt component of the Federal Government alone stood at N7.18tn ($46.12bn) as of March 31, 2014.
Going by the rebased Gross Domestic Product of $510bn, this means that the debt to GDP ratio of the country stands at 12.79 per cent.
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