Nigeria’s Debt Rises to N41.60 Trillion in Q1
President Muhammadu Buhari

Nigeria’s Debt Rises to N41.60 Trillion in Q1

Nigeria’s total public debt rises to N41.60 trillion in the first quarter of the fiscal year 2022, according to the Debt Management Office (DMO) report. This translates to an increase of more than N2 trillion when compared with N39.56 trillion reported in the fourth quarter of 2021.

Higher borrowings that follow Nigerian persistent fiscal slippage continue to impact public debt, though global oil prices have been relatively stable.

According to DMO report, total external debt which printed at N16.617 trillion when converted at N415.75 now accounts for 39.94% of the nation’s debt book. At N24.98 trillion, domestic debt remains at its peak of 60% of the entire nation’s debt profile as of the first quarter of 2022, DMO report shows.

FGN borrowings from the local debt capital market account for the largest chunk, printed at N20.144 trillion of domestic borrowings in the first quarter of 2022, according to DMO report reviews by MarketForces Africa.

Debt Service Payment Spikes First Three Months

Domestic debt service printed at about N669 billion in the first quarter, according to the DMO report. Of the sum, Federal Government debt service costs accounted for the largest share of the interest paid. READ Fed Govt. Borrowings Not Necessarily Bad, DMO Chief Says

DMO expended about N631 billion to service FGN bonds instruments in the first three months of the fiscal year 2022. The amount was split as N185 billion in January, about N97 billion in February and about N349 billion in March 2022.

# Nigeria’s Debt Rises to N41.60 Trillion in Q1