Nigeria’s debt hits N42.84tn amid revenue crisis

Domestic debt has increased Nigeria’s overall public debt stock from N41.60 trillion in March 2022 to N42.84 trillion in June of the same year, an increase of N1.24 trillion in three months, according to the Debt Management Office.Information Guide Nigeria

This was stated in a news release released on the DMO’s website on Monday.

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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 at June 30, 2022. The comparative figures for March 30, 2022, was N41.60tn ($100.07bn).”

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The Federal Government was unable to secure any foreign loans in the second quarter of 2022, according to the DMO.
From Q1 to Q2 2022, external debt remained constant at N16.61tn ($40.06bn), according to the DMO.JAMB Result

It further stated that 58% of external debt was from multilateral lenders such as the World Bank, International Monetary Fund, Afrexim, African Development Bank, and bilateral lenders such as Germany, China, Japan, India, and France.

Domestic debt increased to N26.23tn ($63.24bn) as a result of additional borrowings by the government to partially finance the deficit in the 2022 Appropriation Repeal and Enactment) Act, as well as new borrowings by state governments and the FCT.

The DMO also stated that the Total Public Debt to GDP ratio as of June 30, 2022 was 23.06 percent, compared to 23.27 percent in March of 2022, and that the debt service-to-revenue ratio remained high.