National debt hits N44tn, repayment burden worsens

Nigeria’s public debt rose to N44.06tn in the third quarter of 2022 as it continues with repayment burden.

According to a press statement published on the website of the Debt Management Office on Friday, the total public debt stock rose from N42.84tn recorded in the second quarter to N44.06tn in Q3, 2022.

This showed that there was a 2.85 per cent increase quarter-on-quarter and Nigeria acquired N1.22tn debt within three months.

The DMO said that the increase in public debt was due to new borrowings by the Federal Government to part-finance the deficit in the 2022 Appropriation Act, alongside new borrowings by sub-nationals.

It also noted that the total public debt stock consists of domestic debt of N26.92tn and external debt of N17.15tn.

The statement read, “Total public debt stock which comprises the total domestic and external debt stock of the Federal Government of Nigeria, all State Governments and the Federal Capital Territory stood at N44.06tn.

“In comparison, the total public debt figure as of June 30, 2022, was N42.84tn. The total domestic stock as of September 30, 2022, was N26.92tn while the total external debt stock as of September 30, 2022, was N17.15tn.

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