Data from the Debt Management Office (DMO) has shown an increase of N2.04tn in Nigeria’s public debt stock within a period of three months.
The DMO disclosed this in a statement on its website, noting that in the first quarter of 2022, Nigeria’s total public debt stock rose to N41.60tn from N39.56tn as of December 2021.
The public debt stock covers the total domestic and external debt of the Federal Government and state governments and the Federal Capital Territory.
The statement reads that the total public debt stock as at March 31, 2022, was N41.60tn or $100.07bn.
According to the Debt Management Office, the amount represents the domestic and external debt stocks of the Federal Government of Nigeria, the thirty-six state governments and the Federal Capital Territory. The comparative figures for December 31, 2021 were N39.56tn or $95.78bn.
The DMO stated that the total public debt stock comprises the new FGN domestic borrowing to partly finance the deficit in the 2022 Appropriation Act, the $1.25bn Eurobond issued in March 2022 and disbursements by multilateral and bilateral lenders.
There were also increases in the debt stock of the state governments and the FCT, the office stated.
While passing his comments, the Chief Executive Officer, Centre for the Promotion of Private Enterprise, Dr. Muda Yusuf, noted that the rising debt profile of government raises serious sustainability concerns.