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HomeTop NewsNigeria's debt surges 5.15% to N42 trln in first quarter, says DMO

Nigeria’s debt surges 5.15% to N42 trln in first quarter, says DMO

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By Oludare Mayowa

Nigeria’s total public debt stock surged 5.15 per cent to N41.60 trillion in the first quarter of 2022 compared with N39.56 trillion in the previous quarter of 2021, the Debt Management Office (DMO) has disclosed on its website.

The figure showed that the country borrowed about N2.04 trillion more within the period of the first three months of the year, which include a Eurobond issuance during the period.

The figure released by the debt office includes the total domestic and external debt of the Federal Government and state governments and the Federal Capital Territory.

“The total public debt stock as of March 31, 2022, was N41.60 trillion or $100.07 billion,” the DMO stated in the report.

“The amount represents the domestic and external debt stocks of the Federal Government of Nigeria, the thirty-six state governments and the Federal Capital Territory. The comparative figures for December 31, 2021, were N39.56 trillion or $95.78 billion.”

“The total public debt stock includes new domestic borrowing by the FGN to part finance the deficit in the 2022 appropriation Act, the $1.25 billion Eurobond issued in March 2022 and disbursements by multilateral and bilateral lenders.

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“There were also increases in the debt stock of the state government and the FCT,” the debt office said in a statement posted on it website.

Nigeria had raised a total of $1.25 billion Eurobond issued in March 2022 in a bid to shore up the country’s foreign exchange reserves and ease pressure on the balance of payment and also improve the finance of the government.

The DMO also said the total public debt to GDP is now 23.27 per cent, which is below Nigeria’s self-imposed limit of 40 per cent.

The debt office said the momentum by the government to grow and diversify revenues remains a priority to ensure that public debt is sustainable.

“Initiatives in this regard are yielding results as actual revenue for January to November 2021 at N5.51 trillion was 39.21 per cent more than the N3.96 trillion recorded in 2020.

“Similarly, the share of non-oil revenue grew by 80 per cent compared to 61 per cent in 2020,” the debt office said.

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