Nigeria's debt stock up 2.5 pct to $64.19 bln by Q2 -debt office

Nigeria's total debt stock stood at $64.19 billion at the end of June, up 2.5 percent from $62.54 billion at the end of March, this year, latest data from the Debt Mangement Office (DMO) has shown.

Adeosun, Nigeria's Finance minister

Nigeria's external borrowing accounted for 23.44 percent of the total debt, while the domestic portion accounted for 76.56 percent.
A breakdown of the debt profile of African biggest economy indicated that foreign borrowing stood at $15.06 billion, while domestic debt portion was $49.15 billion.
The West African country planned for a budget deficit of 2.36 trillion naira this year as it tries to spend its way out of recession. It expects to raise funds from both the local and offshore markets to cover its budget gap due to its inability to raise enough revenue from crude export and local tax.
Between March and June this year, the government external borrowing increased by 8.98 percent, while its domestic borrowing rose by 0.67 percent, according to the data by the debt office.
This year alone, the government of President Mohammadu Buhari has raised fund through the issuance of diaspora bond and also planned to approach the international capital market for possible Eurobond as part of its efforts to plug its budget gap. The debt office is in the process of raising 100 billion naira from its debut Sukuk, Islamic bond.