The Debt Management Office (DMO) has disclosed that Nigeria’s total public debt stock has increased from 41.60 trillion naira as of March 2022 to 42.84 trillion naira as of June of the same year, showing an increase of 1.24 trillion Naira in three months.

This is according to a press statement published on the DMO’s website yesterday.

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 42.84 trillion naira as of June 30, 2022. The comparative figures for March 30, 2022, was 41.60 trillion naira.

The DMO noted that external debt remained the same at 16.61trillion naira from Q1 to Q2 2022, adding that 58 per cent of external debts were concessional and semi-concessional loans from multilateral lenders such as the World Bank, the International Monetary Fund, Afrexim and African Development Bank and bilateral lenders including Germany, China, Japan, India and France.

It also noted that domestic debt rose to 26.23 trillion 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.

Source: PUNCH

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