Dr Abraham Nwankwo, the Director General of the Debt Management Office yesterday said the debt profile of Nigeria currently stood at $57.39bn.
He stated this at his appearance before the Senate Committee on Foreign and Local Debts to defend his agency’s budget proposal.
Nwankwo told the committee headed by Senator Shehu Sani that external debt stood at $11.41 billion, while domestic debt stock was $45.98 billion.
He further stated that the domestic debt stock by instruments as at 31st December, 2016 was N11,058,204,296,592.00. Federal government bonds accounted for N7,564,937,465,592; Nigerian Treasury Bills, N3,277,278,831,000; and Treasury bonds, N215,988,000,000.
Nigeria has spent N5.197 trillion to pay interest on its debts over the past 6 years, having spent $1.974 billion dollars to service its external debt and N4.855 trillion to service its domestic debts.