Nigeria’s Money Woes

Nigeria’s Money Woes

Nigeria’s total internal and external debt stock stood at N12.06 trillion or $63.5 billion as at the end of March this year, up from N11.2 trillion or $67.726 billion in December 2014 according to figure released by the Debt Management Office (DMO) recently.

According to DMO, the total external debt of the federal and states stood at $9.464 billion or N1.864 trillion as against the $9.711 billion as at December 2014.

Federal Government domestic debt DMO said stood at $43.185 billion as at March 2015 against the figure of N7.9trillion or $47.05 billion in 2014.

naira

The Debt Management Office (DMO) stated, however, that the Federal Government debt is sustainable as its debt sustainability analysis showed that the debt/GDP ratio was only 2.4 per cent.

In interbank trading, the naira advanced 0.1 per cent to N198.85 per dollar at 12.05 p.m. in Lagos.

The country’s foreign currency reserves have declined 16 per cent to $29 billion this year.

Source: Media

Oil and Gas Press

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