Nigeria’s Debt Hits N42.84trn 

The Debt Management Office (DMO) says domestic debt has pushed Nigeria’s total public debt stock from N41.60tn as at March 2022 to N42.84tn in June of the same year, showing an increase of N1.24tn in three months.
A press statement published on the DMO’s website, Monday, said Domestic and External debt stock of the Federal and State Governments went up from N41.60tn in March to N42.84tn in June, 2022.
“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 N42.84tn ($103.31bn) as at June 30, 2022. The comparative figures for March 30, 2022, was N41.60tn ($100.07bn)”, according to the statement.
The DMO said the Federal Government was unable to secure any foreign loans in the second quarter of 2022, noting that external debt remained the same at N16.61tn ($40.06bn) from Q1 to Q2 2022.
It further stated that 58 per cent 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 added that domestic debt rose to N26.23tn ($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.
Total Public Debt to GDP as at June 30, 2022, the DMO continued, was 23.06 per cent compared to the ratio of 23.27 per cent as at March 36 2022, adding that the debt service-to-revenue ratio remained high.