The Director-General of the Debt Management Office (DMO), Abraham Nwankwo on Thursday while defending the agency’s 2017 budget before the senate committee on local and foreign debts in Abuja disclosed that the country owes $57.39 billion dollars (N17.36 trillion) as of December 31, 2016.
Nwankwo said external debt profile was $11.41 billion (N3.48 trillion), while the domestic debt stock stood at $45.98 billion (N13.88 trillion).
He also said the figures included debts by the Federal Government, the 36 states and the Federal Capital Territory.
He further said 80 per cent of the debts were accrued domestically by the Federal Government, State governments and Federal Capital Territory while the external debt accounted for about 20 per cent.
He added that despite the recession, the economy has not weakened to warrant applying for debt relief.
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