Adebayo Adenrele

The Debt Management Office (DMO) has disclosed that Nigeria’s total public debt stock, has risen to N42.84 trillion (103.31 billion dollars).

In a statement by DMO, the public debt, which was N41.60 trillion ($100.07 billion) in March, is the total debt represents the domestic and external debt stocks of the Federal Government of Nigeria (FGN), the 36 State Governments and the Federal Capital Territory (FCT).

It also noted that while the foreign component of the debt remained at the same level of N16.61 trillion (39.96 billion dollars), the local component increased to N26.23 trillion (63.24 billion dollars).

NEWSTODAYNG reports that the local component of the country’s borrowings was N24.98 trillion (60.1 billion dollars) as at March 30 while a larger percentage of the external debts were concessional and semi-concessional loans.

The statement reads, “Over 58 per cent of the external debt stock are concessional and semi-concessional loans.”

“They were obtained from multilateral lenders such as the World Bank, International Monetary Fund, Afrexim and African Development Bank, and bilateral lenders including Germany, China, Japan, India and France. The total domestic debt stock increased from N24,98 trillion (60.1billion dollars) in March to N26.23 trillion (63.24 billion dollars) in June.”

“This is 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.”