Nigeria’s debt profile rises to N42.84trn – DMO

The Debt Management Office (DMO) has stated that Nigeria’s debt profile has risen by N1.24 trillion and reaching N42.84trn as of June 2022. The DMO in a statement on its website said the domestic debt pushed Nigeria’s total public debt stock from N41.60trn as of March 2022 to N42.84trn as of June. The statement read […]

The Debt Management Office (DMO) has stated that Nigeria’s debt profile has risen by N1.24 trillion and reaching N42.84trn as of June 2022.

The DMO in a statement on its website said the domestic debt pushed Nigeria’s total public debt stock from N41.60trn as of March 2022 to N42.84trn as of June.

The statement read 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 N42.84trn ($103.31 billion) as at June 30, 2022. The comparative figures for March 30, 2022, was N41.60trn ($100.07bn).”

While stating that the Total Public Debt to GDP as at June 30, was 23.06 per cent compared to the ratio of 23.27% as at March 36 2022, it said external debt remained the same at N16.61trn ($40.06bn) from Q1 to Q2 2022.

It said this was due to the Federal Government not able to get foreign loans in the second quarter of 2022.

It noted that 58% of external debt was concessional and semi-concessional loans from multilateral lenders such as the World Bank, International Monetary Fund, Afrexim, African Development Bank and bilateral lenders, including Germany, China, Japan, India and France.

It also noted that domestic debt rose to N26.23trn ($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.

It said the federal government’s debt stood at $50.513bn (N21.695trn) while that of the states was $12.734bn (N5.4trn).