Nigeria’s total debt stock has risen to N44.06 trillion on the back of borrowings from the federal and state governments.
This was contained in a statement issued by the Debt Management Office on Friday in Abuja.
The statement read:
ATTENTION: Click “HERE” to join our WhatsApp group and receive News updates directly on your WhatsApp!
“As of September 30, 2022, Nigeria’s Total Public Debt Stock which comprises the Total Domestic and External Debt Stock of the Federal Government of Nigeria (FGN), all State Governments, and the Federal Capital Territory (FCT) stood at N44.06 trillion.”
Earlier, it was announced Nigeria’s total public debt as of June 2022, stood at N42.84 trillion.
The DMO said:
“The total domestic debt stock as of September 30, 2022, was N26.92 trillion while the total external debt stock as of September 30, 2022, was N17.15 trillion.”
According to the DMO, the increase in the debt stock to “largely new borrowings by the Federal Government to part-finance the deficit in the 2022 appropriation Act, as well as, new borrowings by sub-nationals.”
Also, Data from the DMO’s external and domestic debt service showed that the country spent N1.17 trillion on debt in the third quarter (Q3) of 2022.
N820.59 billion was spent on domestic debt service and N356.92 billion ($801.23 million) was spent on external debt service.
The federal government spent N1.33 trillion to service domestic debts in the first half of 2022, representing an increase of 42.5 percent compared to N935.46 billion spent in the corresponding period of 2021.
The records further revealed that a sizable amount of this money was used to offset obligations to local contractors.
