Nigeria’s total debt profile rises to N41.60tn

The Debt Management Office has said that the debt profile of Nigeria has increased from N41.60tn as of March 2022 to N42.84tn as of June of the same year.

The new development shows an increase of N1.24tn in three months going by the press statement published on the DMO’s website on Monday.

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

It added that  that 58 per cent of external debts formed concessional and semi-concessional loans from multilateral lenders such as the World Bank other international financial institutions and foreign countries.

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 Patio remained high.