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Nigeria spends N664.7 billion on domestic debt service in 3-month to June 2022 ~DMO

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By Oludare Mayowa

Nigeria spent a total of N664.73 billion on debt servicing in the three months to June 2022, according to the latest data from the Debt Management Office (DMO).

In its second quarter reports on the nation’s debt, the agency in charge of debt management said the country’s total debt swelled up to N42.84 trillion or $103.31 billion at the end of the second quarter of 2022, up from N41.60 trillion or $100.07 billion in the first quarter of this year.

The debt office said the government spent a total of N529.88 billion to service its domestic debt across all instruments in April, N66.97 billion in the month of May and N67.87 billion payments on interest for debt in June.

Nigeria’s domestic debt currently stood at N26.23 trillion or $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.

READ ALSO: Nigeria’s inflation sees rising to 21.2% Sept ~ analysts at United Capital

A breakdown of the amount of interest paid on each instrument showed that Nigeria paid the highest amount of N286.67 billion to serve promissory notes, followed by N261.52 billion in interest payments on sovereign bonds.

The government also spent N81.22 billion to service interest payments on treasury bills, N33.13 billion on Sukuk bonds and N1.80 billion on Green Bonds for the period between April and June 2022.

According to the debt report for the second quarter, Nigeria’s outstanding debt on domestic bonds stood at N15.19 trillion as of June 2022, N5.50 trillion on Treasury bills and N75.99 billion on Treasury bonds.

Also, the government is owed N20.86 billion in Savings bonds, while on Islamic Sukuk bonds, the government is owed N612.55 billion, N25.69 billion in Green Bonds and N514,94 billion in Promissory Notes issued to contractors on outstanding unpaid contract fees.

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