The Debt Management Office has revealed that Nigeria’s total debt profile as at December 2015 is $65.4 billion or N12.6 trillion or 12.6% of GDP. This is N1.4 trillion higher than the N11.2 trillion balance as at December 2014. The breakdown of the debts are as follows;
|USD (Millions)||Naira (Millions)||Exchange Rate (N)|
|Domestic Debt Stock (FGN)||44857.85||8,836,995.86||197.00|
|Domestic debts of states||9852.25||1,655,178.71||168.00|
|Domestic debt of states||65,428.53||12,603,705.28||192.63|
With the Government’s plans to borrow another N1.8 trillion in 2016 to help finance its budget deficits of about N2.2 trillion. The Financial Times reported Monday that Nigeria was set to borrow about $3.5 billion in external financing to help funds its budget. Another N984 billion is expected to be borrowed locally. If their funding plans materialize, Nigeria’s debt portfolio could rise to about $72 billion by the end of 2016. Nigeria’s debt to GDP ration is also likely to rise to 16%.