Nigeria’s debt reaches N42.8trillion

The total public debt stock of Nigeria has risen from N41.60trillion (100.07 billion dollars) in March to N42.84trillion (103.31 billion dollars) in June.

The Debt Management Office, DMO under the leadership of Patience Oniha, made provision for the figure in a statement on Tuesday.

The total debt of the country is a representation of the domestic and external debt stocks of the Federal Government, the governments of the 36 States and the Federal Capital Territory (FCT).

Although the foreign component of the country’s debt is static, that is, it has remained at the same level of N16.61trillion (39.96 billion dollars).

The local component of the country’s debt has increased to N26.23trillion (63.24 billion dollars).

The DMO stated that above 58 percent of the external debt stock are concessional and semi-concessional loans.

They were gathered from the International Monetary Fund, World Bank, African Development Bank, Afrexim and countries including China, Germany, India, Japan and France.

The total domestic debt stock of the country rose from N24.98trillion (60.1billion dollars) in March to N26.23 trillion (63.24 billion dollars) in June.

This came after the Federal Government’s borrowings to part-finance the deficit in the 2022 Appropriation (Repeal and Enactment) Act, and also fresh borrowings by governments of the states and the FCT.

“The Debt-to-GDP as at June 30, was 23.06 per cent compared to the ratio of 23.27 as at March 30. It remains within Nigeria’s self-imposed limit of 40 per cent”, the statement added.

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