Nigeria owes a total of N42.8 trillion

The total amount of public debt in Nigeria increased from N41.60 trillion ($100.07 billion) in March to N42.84 trillion ($103.31 billion) in June.

The amount was given in a statement released on Tuesday by the Debt Management Office (DMO), which is headed by Patience Oniha.

The entire debt is made up of the federal government, the 36 state governments, and the federal capital territory’s internal and external debt holdings (FCT).

The local component of the debt climbed to N26.23 trillion from N16.61 trillion (39.96 billion dollars), while the international component stayed at the same level (63.24 billion dollars).

The DMO observed that loans with concessions and other perks make up more than 58% of the stock of external debt.

They came from the World Bank, IMF, Afrexim, the African Development Bank, as well as nations like Germany, China, Japan, India, and France.

From N24.98 trillion ($60.1 billion) in March to N26.23 trillion ($63.24 billion) in June, the total domestic debt stock increased.

This came after fresh borrowing by state governments and the FCT, as well as borrowing by the federal government to help offset the deficit in the 2022 Appropriation (Repeal and Enactment) Act.

“The Debt-to-GDP ratio was 23.06 percent as of June 30 compared to 23.27 percent as of March 30. It still falls within Nigeria’s self-imposed 40% cap, the statement said.