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HomeTop NewsNigeria's total debt rises 2.8% to N44 trln in Q3, says DMO

Nigeria’s total debt rises 2.8% to N44 trln in Q3, says DMO

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By Oludare Mayowa

The country’s total public debt rose by 2.85 percent in the three months to September 2022 to N44.06 trillion, according to the data published by the Debt Management Office (DMO) on Friday.

The debt office stated that the country’s debt rose N1.22 trillion in the three months period compared with the second quarter’s figure of N42.84 trillion.

Nigeria’s external debt stood at the equivalent of N17.15 trillion as of September compared with N16.61 trillion at the end of the second quarter of the year.

The debt office said it used the exchange rate of N432.37 to the dollar for the external component to arrive at the N17.15 trillion figure.

Also, the domestic component of the debt rose to N26.92 trillion as of September 30, 2022, from N26.23 trillion as of June 30, 2022.

“The increase in the total debt was largely due to new borrowings by the federal government to part-finance the deficit in the 2022 Appropriation Act and new borrowings by sub-nationals,” the DMO said in a statement on Friday.

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The debt figure consists of borrowing by the federal government, states, and the federal capital territory in the period under review.

Of the domestic debt, the federal government accounted for N21.55 trillion while states and FCT accounted for the remaining N5.36 trillion.

Further breakdown of the component of the domestic debt by the federal government showed that FGN Bonds accounted for a chunk of the borrowing, which stood at N15.75 trillion at the end of September.

Nigerian Treasury Bills followed with N4.78 trillion while the borrowing through the Islamic Sukuk Bonds was N612.55 billion while Promissory Notes stood at N514.94 billion.

Others are Treasury Bonds at n50.95 billion, savings Bonds at N24.94 billion while Green Bonds figure stood at N25.69 billion at the end of the third quarter.

As at September 30, 2022, Nigeria’s Total Public Debt Stock which comprises the Total Domestic and External Debt Stock of the Federal Government of Nigeria (FGN), all State Governments and the Federal Capital Territory (FCT) stood at N44.06 trillion. In comparison, the Total Public Debt figure as at June 30, 2022, was N42.84 trillion.

The Total Domestic Stock as at September 30, 2022, was N26.92 trillion while the Total External Debt Stock as at September 30, 2022, was N17.15 trillion.

The increase in the Debt Stock was largely due to New Borrowings by the Federal Government to part-finance the deficit in the 2022 Appropriation Act, as well as, New Borrowings by sub-nationals.

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