Domestic debt has pushed Nigeria’s total public debt stock from N41.60tn as of March 2022 to N42.84tn as of June of the same year, showing an increase of N1.24tn in three months, according to the Debt Management Office.
This was contained in a 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 at 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.