Nigeria’s debt stock hits N39.6tn in 11 months

The Nigeria’s total debt stock has rose from N32.9 trillion as of December 2020 to N39.6 trillion in November 2021.

The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, in her presentation of the 2022 approved budget, disclosed that the government borrowed N6.7 trillion between January and November 2021.

The new borrowing in the period under review consists of N5.1 trillion domestic debt and N1.6 trillion. The debts however, includes borrowing from the Central Bank of Nigeria.

Meanwhile, the World Bank had recently said Nigeria’s debt was vulnerable and costly, adding that the country’s debt was at risk of becoming unsustainable in the event of macro-fiscal shocks.

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