The Director General of the Debt Management Office, Abraham Nwankwo, on Monday said the external debt of Nigeria is now $9.16 billion, even as he stated that the local debt is N8.7 trillion.
Nwankwo, who confirmed the figure while appearing before the National Conference Committee on Public Finance, said the amount was as at March 2014, adding that 32 per cent of the debt external is owed by states, while 68 per cent is owed by the Federal Government.
He said that 17 per cent of local debt belongs to the states, while 82 per cent of the debt is owed by the Federal Government.
Nwankwo informed the committee that the local debt did not include the local contractors debt, adding that any foreign institution that gives loan to any state without the approval of the National Assembly should be ready to lose its money.
Speaking the issue of borrowing before the committee, the Director General explained that loans are part and parcel of every modern economy, adding that prosperous nations like Britain and Germany are also borrowing.
He said the figure released are total debts of the country since the time of independence.
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