Nigeria\u2019s total public debt stock, which was N41.60trillion ($100.07billion) in March rose to N42.84trillion ($103.31billion) by June.
\nThis is contained in a statement obtained from Debt Management Office\u2019s website, yesterday.
\nAccording to the statement, the total debt represents the domestic and external debt stocks of the Federal Government of Nigeria (FGN), the 36 state governments and the Federal Capital Territory (FCT).
\nIt, however, said that while the foreign component of the debt remained at the same level of N16.61trillion ($39.96billion), the local component increased to N26.23trillion ($63.24billion).
\nThe local component of the country\u2019s borrowings was N24,98trillion ($60.1billion) as of March 30.
\nThe DMO said that a larger percentage of the external debts were concessional and semi-concessional loans.
\n\u201cOver 58per cent of the external debt stock are concessional and semi-concessional loans.
\n\u201cThey were obtained from multilateral lenders such as the World Bank, International Monetary Fund, Afrexim and African Development Bank, and bilateral lenders including Germany, China, Japan, India and France.
\n\u201cThe total domestic debt stock increased from N24,98trillion ($60.1billion) in March to N26.23trillion ($63.24billion) in June.
\n\u201cThis is due to new borrowings by the FGN to part-finance the deficit in the 2022 Appropriation (Repeal and Enactment) Act, as well as new borrowings by state governments and the FCT,\u201d the DMO said.
\nIt said that the total public Debt-to-GDP ratio remained within limits, at 23.06per cent, while Debt-Service-to-Revenue was still high.
\nIt added that the federal government was committed to increasing revenue to reduce the amount that went into debt servicing.
\n\u201cThe Debt-to-GDP as of June 30, was 23.06per cent compared to the ratio of 23.27 as of March 30. It remains within Nigeria\u2019s self-imposed limit of 40per cent.
\n\u201cWhile the Federal Government continues to implement revenue-generating initiatives in the non-oil sector and block leakages in the oil sector, Debt Service-to-Revenue ratio remains high,\u201d it said.
\nMeanwhile, the DMO is set to take its FGN Securities Awareness Programme to Yola on Wednesday and Umuahia on September 29.
\nAccording to the DMO\u2019s Director-General, Patience Oniha, the programme is designed to sensitise Nigerians on the huge investment benefits in FGN securities, thereby boosting financial inclusion.<\/p>\n","protected":false},"excerpt":{"rendered":"
Nigeria\u2019s total public debt stock, which was N41.60trillion ($100.07billion) in March rose to N42.84trillion ($103.31billion) by June. This is contained in a statement obtained from Debt Management Office\u2019s website, yesterday. According to the statement, the total debt represents the domestic and external debt stocks of the Federal Government of Nigeria (FGN), the 36 state governments […]<\/p>\n","protected":false},"author":1,"featured_media":148925,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[76],"tags":[688],"class_list":["post-304633","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","tag-front-pix"],"_links":{"self":[{"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=\/wp\/v2\/posts\/304633","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=304633"}],"version-history":[{"count":1,"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=\/wp\/v2\/posts\/304633\/revisions"}],"predecessor-version":[{"id":304647,"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=\/wp\/v2\/posts\/304633\/revisions\/304647"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=\/wp\/v2\/media\/148925"}],"wp:attachment":[{"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=304633"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=304633"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=304633"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}