The Federal Government and the 36 states, as well as the Federal Capital Territory, owed a total N27.4tn as of December 2019.

This is according to the latest figures released by the Debt Management Office.

This development marks an increase in Nigeria’s public debt portfolio from September 2019, when the country owed a total of N26.22tn.

The N27.4tn includes the total external and domestic debt portfolios of the Federal Government and the states.

The Data shows that domestic debt amounting to N18.3tn accounted for 67.07 percent of the total debt stock.

The Federal Government’s share of the domestic debt portfolio was N14.2tn, while the states and FCT owed N4.1tn.

The country’s total external debt was 9.02tn, which made up 32.93 percent of the total debt portfolio.

Out of the total external debt sum, the Federal Government owe N7.5tn, while the states and the FCT owe N1.4tn of the total debt portfolio.

The DMO explained that the CBN official exchange rate of US$1 to N326 as of December 31, 2019, was used in converting the domestic debts to dollars.