Nigeria’s total debt now N44.06 Trillion

The staggering amount of Nigeria's entire debt has been made public

The Nation says that due to borrowings from the federal and state governments, Nigeria's overall debt stock has now reached N44.06 trillion. 

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A statement issued by the Debt Management Office yesterday in Abuja stated that “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.”

Nigeria had a total national debt of N42.84 trillion as of June 2022 prior to this statement.

According to the DMO, “the total domestic debt 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 DMO attributed the increase in the debt stock to “largely new borrowings by the Federal Government to part-finance the deficit in the 2022 appropriation Act, as well as, new borrowings by sub-nationals.”

Data from the DMO's foreign and domestic debt service also revealed that in the third quarter (Q3) of 2022, the nation paid N1.17 trillion on debt service.

Domestic debt service cost N820.59 billion, while overseas debt service cost N356.92 billion ($801.23 million).

In the first half of 2022, the federal government paid N1.33 trillion to pay off domestic debts, a 42.5 percent increase over the N935.46 billion spent in the same time of 2021.

A large portion of this cash was used to pay off debts to neighborhood contractors.

The domestic debt service grew from N1.19 trillion in the second half of 2021 by 19.2%.

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