BREAKING: Saddled with massive debt burden under BUHARI, Nigeria’s debt rose to N14.5tr in 2016
Nigeria’s total debt rose to $14.5 trillion as at end of last year, the Debt Management office has said yesterday
The debt office in their end of the year report said foreign bonds and loans stood at $11.40 billion as of 31st December, an increase of $700m when compared with $10.71billion in the previous year.
The domestic debts which comprised bonds, Treasury Bill, and Treasury Bonds stood at N11.06 trillion, an increase of N2.23 trillion above the N8.83 trillion in 2015.
The country which battled recession within the reported year serviced its domestic debts with about N1.22 trillion compared to N1.02 trillion in 2015.
The total amount committed to debt servicing in 2016 is equivalent to the 20 per cent of the N6.2 trillion budget of the year.
Part of the foreign debt were the $1.72billion from African Development Bank Group, $6.4billion from World Bank Group and the $1.65 billion bilateral loans from China, France, Japan, India and Germany.
The Federal government recently issued $1billion euro bond and is about to place additional $500m to fund the infrastructure projects in the 2016 budget which roll-over till May this year.