The nation’s total debt now stands at N8.32tn ($53.42bn), the Debt Management Office has said.
The latest statistics released by the DMO on its website on Monday showed that as of September 30, 2013, the total debt comprised the external debts of the Federal Government and the state governments as well as the domestic debt component of the Federal Government.
This means that the data did not include the domestic debt component of the 36 states of the federation and the Federal Capital Territory Administration.
A breakdown of the debts showed that the external debts of both the Federal and state governments stood at N1.28tn ($8.26bn) as of September 30.
Much of the debts, however, were incurred by the Federal Government from domestic sources as these contributed N7.03tn ($4.15bn) to the total debt stock.
A further breakdown of the domestic component of the total debt stock showed that the Federal Government Bonds contributed N4.22tn or 59.93 per cent of the domestic debt.
The Nigerian Treasury Bills accounted for N2.48tn or 35.31 per cent of the domestic debt component. Treasury Bonds, on the other hand, accounted for N334.56bn or 4.76 per cent of the domestic debt of the Federal Government.
As of June 2011, the total debt of the country stood at $37bn. In terms of instruments, the FGN Bonds accounted for N4.03tn or 58.87 per cent of the Federal Government’s domestic debt stock then.
The Nigerian Treasury Bills accounted for N2.48tn or 36.25 per cent of the domestic debt component.
On the other hand, Treasury Bills accounted for N334.56bn or 4.88 per cent of the total domestic debt owed by the Federal Government.
The Director-General of the DMO, Dr. Abraham Nwankwo, had recently said that compared to the level of foreign debt, the Federal Government had over-borrowed from domestic sources.
While unfolding the nation’s Middle Term Debt Management Strategy, which was approved by the Executive Council of Nigeria, Nwankwo said there was an urgent need to rebalance the structure of the nation’s debt because the interest rate payable on domestic debt was too high.
He said the ratio of the Federal Government’s domestic debt stood at 88 per cent while that of the foreign debt stood at 12 per cent.
Nwankwo said the appropriate ratio should be 60 per cent for domestic debt and 40 per cent for foreign debt, adding that the newly approved Medium Term Debt Management Strategy would seek to achieve this ratio.
One of the ways of doing this is through the establishment of a sinking fund for retiring local debts that get matured. The second way is by borrowing more from foreign sources.
Nwankwo said, “The main objective of the Medium Term Debts is to develop a strategy that would meet the financing needs of the government at a minimum cost, maintain risk at a prudent level and support the development of the market.”

source- http://www.punchng.com/business/business-economy/nigerias-debt-rises-to-n8-32tn/

This Ngozi Okonjo-Iwealla told Obasanjo to payoff Nigeria's debts, the same woman has been borrowing again for Jonathan and his co-looters to share.

simpleseyi: This Ngozi Okonjo-Iwealla told Obasanjo to payoff Nigeria's debts, the same woman has been borrowing again for Jonathan and his co-looters to share.

And one day a new day will break that all those looters will be brought to book and their generation will be ashamed forever

the figures being thrown around here makes no sense at all
this is why mathematics should be compulsory
for all levels of secondary education

imagine dis kain maths

N8.32tn ($53.42bn)
N7.03tn ($4.15bn)

and this is coming from a supposed national newspaper. smh

As thier debt rises,i begin to wonder how they would settle ASUU. May God help Nogeria.

hmmm odikwa egwu ooo

Yet the govt continues to spend like there is no tomorrow...

re@lchange:
the figures being thrown around here makes no sense at all
this is why mathematics should be compulsory
for all levels of secondary education

imagine dis kain maths

N8.32tn ($53.42bn)
N7.03tn ($4.15bn)

and this is coming from a supposed national newspaper. smh

help me tell them oh..dem think say as ASUU dey strike say we go don forget everything wey dem teach for school..foolish set of people

If this is our debt and not our deficit, its actually not so bad, in fact I'm very amazed any country would want to borrow us money after fully knowing our reputation, yes! We are as corrupted as can be, and if we don't accept we have a problem, I don't see a solution. Anyway I didn't think I'd say this in this lifetime but Good Job Jonathan!

GEJ is Working, Nigeria is Owing

Wee!!! I love my country

And the govt still continue to waste money on unnecessary things

You should not be amazed, they actually stand to gain more in us owing them.

anselm791: If this is our debt and not our deficit, its actually not so bad, in fact I'm very amazed any country would want to borrow us money after fully knowing our reputation, yes! We are as corrupted as can be, and if we don't accept we have a problem, I don't see a solution. Anyway I didn't think I'd say this in this lifetime but Good Job Jonathan!

And they said Jonathan administration is working. Truely they are working by piling up debt.

I love ds topic
who knows where 9ja money run go ? Who steal our money ?

Gej has no political will to do anything.

What improvement has be brought to Nigeria. Except people were

stealing millions before but now they steal in billions and trillions, and go

unpunished.

All what the opposition said abou gej is more than accurate.

There's nothing wrong in piling up debt afterall US has more debt than any other country. The problem is not seeing the impact of the money piled.

only?

WETIN CONCERN M.I WITH LONG JUMP.... The same way dem take share d moni na d same way dem go tek pay am.

Dr Okonkwo wants to borrow more in currencies of foreign central banks when oil revenue is declining. Instead of looking for ways of reducing our overall sovereign debt profile, he wants to increase it more, a recipe for disaster. I wonder why these guys representing Nigerian people don't ask these questions before approving his debt plans. Borrow, baby borrow, next generation will take care of it! With this level of debt, it confirms that FGN is the only too big to fail institution in Nigeria. Russia and Argentina come to mind

Blame it on our redundant 36 states.
They all have their long mouths pierced into
the body of the FG, sucking it all dry.
They won't generate tangible funds, rather,
they all flock around like vultures to monthly
quotas.
The worst part is that most states will not
develop with the monies they collects every
month.
Such a huge shame.

Excluding Fashola though.

8trillion naira lasan?

IMF is not a charity. Its not our govt that will pay back this money,its we the citizens. For we to pay back this money means, we would be living on $1:50 a day. That is to say, we will suffer before things gets back to its normal state.

IMF is not a charity, its a bank.

Expect another fuel subsidy soon

US Debt is $17 trillion ie, 2.8 quadrillion Naira

For the benefit of any who might need to Nigeria - bash

I will do my best in 2015 by voting in GOODLUCK, and voting out BADLUCK.
do your best also.

Mummy U hav not added my own oh-during this strike I owe a lot a people including my landlord, if U add am e go reach like N9tn. Ona nefer start

Jelo4kul: As thier debt rises,i begin to wonder how they would settle ASUU. May God help Nogeria.

Thank God u said u said NOGERIA

Jelo4kul: As thier debt rises,i begin to wonder how they would settle ASUU. May God help Nogeria.

Thank God u said u said NOGERIA

With all these borowing, infrastructures are still decaying.

Let central bank print the money come outside na abi the machine don spoil

Nigerians don enter one chance till 2015. I pray by then we go don get sense to go to d polls and vote for a visionary leader and not dis otueke baboon we are saddled with. Kapisssh!

Davidson267:
Thank God u said u said NOGERIA
Thank God u said u said NOGERIA

do u have to quote him twice? And what's with the quote abi ur brain no tell u say na typo?

Imagine the huge amount of money what did they borrow that kind of money for those Animals go outside and borrow money from Human beings in the name of poverty eradication and use the money to enrich themselves .
see Nigeria no orientation how many Nigerians know how much Nigeria is owing?
how many poor people know that billions of naira has been borrowed on their behalf ?
all these money and yet the poverty rate in Nigeria is still high .

Ahhhhhhhhhhh NIGERIA NO BE PLACE