Nigeria's Debt Stock Hits N42.84 Trillion

According to the data obtained from the Debt Management Office, Nigeria’s total public debt stock increased to N42.84 trillion in June compared to N41.60 trillion recorded in March 2022, indicating an increase of  N1.24trillion  in three months

This was revealed in a press statement published on the DMO’s website on Monday.

The statement reads in part, “The Total Public Debt Stock, representing the Domestic and External Debt Stocks of the Federal Government of Nigeria, the 36 State Governments and the Federal Capital Territory, was N42.84 trillion ($103.31 billion) as of June 30, 2022. The comparative figures for March 30, 2022, was N41.60 trillion ($100.07 billion).”

In the second quarter of 2022,  the Federal Government was unable to secure any foreign loans, according to the DMO, noting that external debt remained the same at N16.61 trillion ($40.06 billion) from Q1 to Q2 2022

The DMO further explained that domestic debt rose to N26.23 trillion ($63.24bn) due to new borrowings by the government to part-finance the deficit in 2022 Appropriation (Repeal and Enactment) Act, as well as new borrowings by state governments and the FCT.

The DMO further said that the Total Public Debt to GDP as of June 30, 2022, was 23.06 per cent compared to the ratio of 23.27 per cent as of March 36 2022, adding that the debt service-to-revenue ratio remained high.