The Debt Management Office says Nigeria’s total public debt stock increased from N41.60 trillion in March 2022 to N42.84 trillion in June of the same year, an N1.24 trillion increase in three months.
According to a press release posted on the DMO’s website on Monday.
“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,” according to the statement.
The comparative figures for March 30, 2022, were N41.60 trillion ($100.07 billion).”
The DMO stated that external debt remained constant from Q1 to Q2 2022, at N16.61tn ($40.06bn), and that 58% of external debts were concessional or semi-concessional loans from multilateral lenders such as the World Bank, the International Monetary Fund, Afrexim, and the African Development Bank, as well as bilateral lenders such as Germany, China, Japan, India, and France.
It also stated that domestic debt increased to N26.23tn ($63.24bn) as a result of new 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 per cent, up from 23.27 per cent in March 36, 2022, and that the Debt Service-to-Revenue Patio remained high.
Despite the fact that the country’s debt ratio is at an all-time high, a new presidential election is just around the corner, and expectations are high that the populace will have learned their lesson and vote wisely.