DMO Puts Nigeria’s Debt Profile at N25.7trn

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The Debt Management Office (DMO) has said that Nigeria’s total debt profile is N25.7 trillion.

The Director-General of the office, Ms Patience Oniha, announced this while addressing House of Representatives Committee on Public Account on Friday in Abuja.

“As at June 2019, our debt profile is at N25.7 trillion; this includes the federal, states governments and the Federal Capital Territory (FCT).

“We call it the total public debt, out of this total, the federal government is responsible for 80 per cent of the debt,” she said.

Oniha said that external borrowing accounted for about 32 per cent of the total debt, while 68 per cent was domestic.

She explained that the DMO was an agency of government which began operations in 2000 following the country’s debt management problems which led to the debt relief.

Oniha said that the agency was responsible for the management of public debts and its mandate includes contracting debts on behalf…



Source: Thisday Newspaper