The Debt Management Office (DMO) Thursday, disclosed that Nigeria’s external debt portfolio had hit $5.63 billion as at September 30. Also, the domestic debt stock is N5.3 trillion, as at September 30. Out of the $5.633 billion total external debt stock, the Federal Government owed $3.316 billion, about 58.87 per cent while the States owed $2.317 billion or 41.13 per cent.
Director-General of DMO, Dr. Abraham Nwankwo, stated this Thursday, at the National Assembly, while briefing members of the House Committee on Aid, Loans and Debt Management. Nwankwo said in a bid to manage the country’s debt portfolio more effectively, the DMO had issued the National Debt Management Plan (2008 to 2012) to enable the various tiers of government to know their status and guard against excessive and uncoordinated borrowing that could impact negatively on the country.