Nigeria’s Total Debt Stock Increase By N1.24trn In 3 Months

Nigeria’s total debt stock has increased by N1.24 trillion between March and June 2022, with the total debt now standing at N42.84 trillion.

The data is contained in a statement by the Debt Management Office released on its website.

The total debt is the local and foreign debt stocks of the entire country including all the states.

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 N42.84tn ($103.31bn) as of June 30, 2022. The comparative figures for March 30, 2022, was N41.60tn ($100.07bn).”

According to the DMO, the Federal Government was unable to secure any foreign loans in the second quarter of 2022.

The DMO noted that external debt remained the same at N16.61tn ($40.06bn) from Q1 to Q2 2022.

It added 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 also noted 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.

The DMO further said that the Total Public Debt to GDP as of June 30, 2022, was 23.06 per cent compared to the ratio of 23.27 per cent as of March 36 2022, adding that the debt service-to-revenue ratio remained high.