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Research Team
EUR 34.20 For Business Accounts Only

Nigeria: Total federation public debt rises to NGN 19.6tn as of end-Jun or 18% of GDP

The total public debt is up 15% y/y and reflects increases in both external and domestic debt
External debt jumped 34% y/y due to Eurobond sale and naira devaluation; external debt now accounts for 4.2% of GDP
Concessional loans account for 64% of total external debt, in our estimates
External debt service payments are projected at relatively low USD 669mn in 2017
However, debt service payments on domestic debt are rising worryingly fast
Debt position slipped from low-risk to medium risk debt distress, DMO warns
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