In a recent Press Release, Nigeria’s Debt Management Office (DMO), made it known that Nigeria’s Total Public Debt Stock rose from NGN41.60 trillion (USD100.07 billion) as of 30th March, 2022, to N42.84trillion (USD103.31 billion) as of 30th June, 2022. This increase in the Total Debt Stock was due to an increase in the Total Domestic Debt Stock from NGN24.98 trillion (USD60.1 billion) back in March, to NGN26.23 trillion (USD63.24 billion) in June.
The DMO stated that this increase in Nigeria’s Total Domestic Debt Stock was “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.”
Total External Debt Stock, however, stood at NGN16.61 trillion (USD39.96 billion), about the same level as it was back in March, with more than 58% being “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.”
Also worthy of note is the slight reduction in the Total Public Debt to GDP from 23.27% as of 30th March 2022 to 23.06% as of 30th June 2022. According to the Press Release, it “remains within Nigeria’s self-imposed limit of 40%.”