Abuja: The nation’s total public debt increased by 4.52 per cent in the first three months of the year, data from the Debt Management Office (DMO) showed the public debt increased from N21.73tn ($71bn) in December 2017 to N22.71tn ($74.28bn) at the end of the first quarter of 2018.
According to the DMO’s circular on Wednesday that the increase was largely accounted for by the increase in the domestic debts of states, and the Federal Capital Territory, Abuja.
It was disclosed in the circular that the $2.5bn Eurobond issued in February 2018, with its proceeds still being deployed to redeem maturing domestic debt, was also responsible for the increase in the total public debt.
The DMO said further that the debt figures show that the implementation of the debt management strategy, which entails an increase in the external debt stock through new external borrowing and the substitution of high-cost domestic debt with low-cost external debt, is achieving the desired results in several areas.
“Some of these areas are: the share of the external debt stock in the total public debt, which rose to 30 per cent as of March 31, 2018, compared to 17 per cent in 2015, 20 per cent in 2016 and 27 per cent in 2017
The Caption Photo: DMO, DG, Ms Patience Oniha