Nigeria’s Public Debts Rise to N42.85trn in Q2

Nigeria’s Public Debts Rise to N42.85trn in Q2

Nigeria’s debt management office (DMO) has announced that the nation’s total public debt stock rose 2.98% or N1.25 trillion to N42.85 trillion, an equivalent of USD103.3 billion, at the end of the second quarter of 2022 from N41.60 trillion reported in the first quarter.

The increase, as expected, was buoyed by the voracious borrowing spree by both the federal government and the sub-nationals for local financing.

A breakdown of the data obtained from the DMO website showed that total external debt stood at N16.62 trillion or USD40.06 billion at the end of the quarter and comprises 38.8% of the total stock.

READ: Nigeria’s Total Public Debts More than N50 Trillion, Analysts Estimate

This sees FG’s portion at N14.72 trillion (88.6%) while the States and Federal Capital Territory, FCT, accounted for N1.89 trillion which is 11.4% of the total sum.

On the domestic front, total domestic debt printed N26.23 trillion (USD63.25 billion) of which FG accounted for 79.9% (N20.95 trillion) of the total and the sub-nationals grew their debt stock to N5.3 trillion. Nigeria’s Public Debts Rise to N42.85trn in Q2