By Peter OBIORA InvestAdvocate

Lagos (INVESTADVOCATE)-Nigeria’ External Debt Stock has hit N$5.6 billion; while Domestic debt is N5.3 trillion as at September 30 2011.

Abraham Nwankwo, Director General (DG) Debt Management Office (DMO) made this affirmation Friday at an Interactive Session with Financial Journalists in Lagos Nigeria.

“Nigeria’s external debt portfolio had hit $5.63 billion, while the domestic debt stock is N5.3 trillion, as at September 30” he said.

According to him, out of the $5.633 billion total external debt stock, the Federal Government (FG) owed $3.316 billion, about 58.87 percent (58.87%) and the States owed $2.317 billion or 41.13%.

From the Report of the Annual National Debt Sustainability Analysis (DSA) 2011 from Nigeria’s DMO and obtained by www.investadvocateng.com, the total Public Debt Stock (external and Domestic Debt of the Federal and State Government) of Nigeria stood at $40.100.00 million at the end of December 2010 compared with $25.817.42 (Federal Only) in 2009.

Also, the DSA Report affirms that out of the total stock for 2010, the domestic debt stock of the Federal Government was $30.51 billion or 76.10% while the Sub-nationals had $5.00 billion or 12.48%.

“The balance of $4.58 billion or 11.42% represents the external debt of the Federation as at that date. This meant that domestic debt was $35.52 billion or 88.58% of the total debt stock, while the external debt component was $4.58 billion or 11.42%” the Report said.

The DSA Report further affirmed that total public debt increased from $25.817.42 million or 15% of Gross Domestic Product (GDP) in 2009 to $40.100.00 million or 20.64% of GDP in 2010.

According to the Report, the increase was due to the rise in the domestic debt component of the Federal Government and the inclusion of the State Governments Domestic Debt in the overall debt portfolio.

Still on External Debt Stock, the DSA Report disclosed that External Debt outstanding rose from $3.947.30 million in 2009 to $4.578.77 million at the end of 2010, with multilateral debts constituting 92.12% of the sum compared to 88.78% in year 2009.

“The increase of $631.47 million or 16.00% in 2010 was due to the additional disbursement on existing loans and the Exchange Rate variation over the period. States External Debt component was 43.70% of the total outstanding at the end of 2010. The bulk of the existing external debts were in fixed interest rates instruments” the Report affirmed.