Total Debt Now $4.9 Billion, Says DMO

Total Debt Now $4.9 Billion, Says DMO

Postby Richard Akindele » Fri Jul 21, 2006 2:40 pm

The Debt Management Office (DMO) yesterday disclosed that the nation's total external debt stock amounted to $4.847 billion at the end of June 2006 while the domestic debt stock totaled N1.536 trillion.

The external debt, which stood at about $35 billion mid-2005 was reduced to its current position after Nigeria's final exit from the Paris Club debt (which stood at about $30 billion) in a deal in which saw $18 billion, representing 60 per cent of the debt forgiven and the remaining $12.4 billion bought back.

But the total domestic debt is expected to be reduced after the Federal Government must have completed payment of arrears owed to local contractors standing at N1.3 trillion.

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