Abuja – The Debt Management Office (DMO) has announced that Nigeria’s public debt reached N44.6 trillion in the third quarter (Q3) of 2022.
In a statement released on its website on Friday, the DMO said the figure released represents a 2.9 per cent quarter-on-quarter decline when compared to N42.84 trillion recorded in Q2 in 2022.
The agency revealed that the increase in public debt was 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.
According to DMO, the total public debt stock comprises domestic debt of N26.92 trillion and external debt of N17.5 trillion, adding that the country spent N1.17 trillion on debt in Q3’22.
It stated that the figure comprises N820.59 billion for domestic debt service and N356.92 billion ($801.23 million) for external debt service.
The statement reads: “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 of June 30, 2022, was N42.84 trillion. The total domestic stock as of September 30, 2022, was N26.92 trillion while the total external debt stock as of 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.”
Recall that the World Bank, in its International Debt Report, IDR, said that Nigeria spent $9.6 billion to service foreign debts in 12 years, from 2010 to 2021, adding that the nation’s debt stock is not reflected in the economy.