Before the debt pardon in 2005, Nigeria's public debt of US$46.2 billion was equivalent to 64.3% of GDP. External debt stood at $35.9 billion while the stock of the domestic debt amounted to $10.3 bi...
llion in 2005, giving a total public debt of $17.3 billion and a debt-to-GDP ratio of 11.8%.
By 2011, the domestic debt stock had grown substantially to $42.23 billion, while the external debt remained at a marginal $5.67 billion, giving a total public debt stock of $47.9 billion or 21% of GDP. GDP also grew simultaneously as debt was growing, hence debt-to-GDP ratio was modest. So then, is Nigeria's public debt a problem?
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