Nigeria’s entire debt stock climbed to N44.06 trillion as of September 2022, according to the Debt Management Office (DMO).
In its most recent debt report update, which was posted on its website on Friday, DMO made this disclosure. According to the most recent figure, Nigeria’s debt climbed by N1.2 billion (or three months, from July to September) compared to the N42.84 trillion debt stock in June 2022.
It also implies that the greatest economy in Africa has seen its debt increase this year, from N39.56 trillion at the end of last year to N4.5 trillion now. The N44.06 trillion, according to DMO, is made up of the total domestic and foreign debt held by the federal government, state governments, and the federal capital territory.
“The increase in the debt stock was mostly due to new borrowings by the Federal Government to part-finance the deficit in the 2022 Appropriation Act, as well as, New borrowings by subnationals,” the DMO noted in a section of its report. According to a further analysis by DMO, as of September 2022, the overall domestic stock was N17.15 trillion, while the total external stock was N26.92 trillion.