Nigeria’s total public debt stock has risen to N42.84 trillion as of the end of the second quarter (Q2) ended June 2022, according to the Debt Management Office (DMO).
This is an increase of N1.24 trillion above N41.60 trillion recorded as of March (Q1).
The total public debt as of the first half (H1) could have been higher but for the that the Federal Government was unable to secure any foreign loans in the Q2, even as “Debt Service-to-Revenue Ratio remains high” as contained in a statement posted on the DMO’s website yesterday.
The statement reads: “The Total Public Debt Stock, representing the Domestic and External Debt Stocks of the Federal Government of Nigeria (FGN), the 36 State Governments and the Federal Capital Territory (FCT), was N42.84 trillion ($103.31 billion) as at June 30, 2022. The comparative figure for March 30, 2022, was N41.60 trillion ($100.07 billion).
“The Total External Debt Stock was $40.06 billion (N16.61 trillion) as at June 30, 2022, which was about the same level as the figure for March 31, 2022, which stood at $39.96 billion (N16.61 trillion).
The Total Domestic Debt Stock as at June 30, 2022, was N26.23 trillion ($63.24 billion) due to 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.
“Over 58% of the External Debt Stock are concessional and semi-concessional loans from multilateral lenders such as the World Bank, International Monetary Fund, Afrexim and African Development Bank and bilateral lenders including Germany, China, Japan, India and France.
“The Total Domestic Debt Stock as at June 30, 2022, was N26.23 trillion ($63.24 billion) due to 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 as at June 30, 2022, was 23.06% compared to the ratio of 23.27% as at March 30, 2022, and remains within Nigeria’s self-imposed limit of 40%. While the FGN continues to implement revenue-generating initiatives in the non-oil sector and block leakages in the oil sector, Debt Service-to-Revenue Ratio remains high.”
