Nigeria’s public debt stands at N42.84 trillion

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Nigeria’s total public debt rose 2.98% in the second quarter of this year to N42.84 trillion ($103.31 billion), according to new data released by the Debt Management Office (DMO). ).

The total public debt stock represents the outstanding domestic and external debt of the Federal Government of Nigeria (FGN), the 36 state governments and the Federal Capital Territory

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The stock of debt rose by N3.28 trillion in the first half of this year from N39.56 trillion at the end of last year.

The DMO said the total external debt stock had risen to $40.06 billion (16.61 trillion naira) as of June 30, 2022, from $39.96 billion (16.61 trillion naira) in march.

“Over 58% of the external debt stock is concessional and semi-concessional loans from multilateral lenders such as the World Bank, International Monetary Fund, Afrexim and the African Development Bank and bilateral lenders including Germany , China, Japan, India and France,” he added. said.

The Debt Office said the total outstanding domestic debt as of June 30, 2022 was 26.23 trillion naira ($63.24 billion) due to new borrowings from the FGN to partly finance the debt deficit. the Appropriations (Repeal and Enactment) Act of 2022, as well as new borrowing by state governments and the FCT.

Total public debt to GDP was 23.06% as of June 30, 2022, compared to a ratio of 23.27% as of March 30, 2022, and remains within Nigeria’s self-imposed limit of 40%, it said. -he indicates.

“While the FGN continues to implement revenue-generating initiatives in the non-oil sector and block leakages in the oil sector, the debt service-to-revenue ratio remains high,” the DMO said.

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