Nigeria's total debt rises to N12.1tn - DMO

The nation's total debt rose to N12.1tn ($60.8bn) as of March 2015, up from N11.2tn at the end of December 2014, data obtained from the Debt Management Office's website showed on Tuesday.

The statistics also showed that foreign debt stood at $9.46bn at the end of March, down from $9.71bn at the end of 2014.

This means that the current foreign debt is about 15 per cent of the total debt.

The Federal Government had in 2013 said it would increase the amount it borrowed overseas to 40 per cent of the total debt over a three-to-five year in order to tap into loose monetary policy in advanced economies.

However, dwindling oil prices has left the sharp drop in revenue, leaving the government struggling to pay bills including state salaries. The naira has also come under intense pressure.

States are now in debt to the tune of N658bn, the governor of Zamfara state said last week.