Debt Management Office (DMO) Says Nigeria’s Total Public Debt Stock Rises From N41.60 Trillion to N42.84 Trillion

News - by RadioNow / Sep. 21st, 2022

The latest figures from the Debt Management Office (DMO) show that Nigeria’s total public debt stock rose from N41.60 trillion to N42.84 trillion in June this year. 

The figure represents the domestic and external debt stocks of the Federal Government of Nigeria (FGN), the 36 State Governments and the Federal Capital Territory (FCT).  

In a statement published on its website yesterday, the DMO stated that while the foreign component of the debt remained at the previous level of N16.61 trillion, the local component increased to N26.23 trillion. 

The Agency noted that over 58 per cent of the external debt is concessional and semi-concessional loans obtained from multilateral lenders. 

The DMO says the latest rise is as a result of new borrowings by the FGN to part-finance the deficit in the 2022 Appropriation (Repeal and Enactment) Act, as well as new borrowings by state governments and the FCT. 

The total public Debt-to-GDP ratio remains within limits, at 23.06 per cent, while Debt-Service-to-Revenue is still high. 

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