Nigeria’s debt rises further, hits N44.06trn

The Debt Management Office (DMO) has revealed that the total debt stock of Nigeria has increased to N44.06 trillion as of September 2022.

DMO disclosed this in its latest debt report update published on its website on Friday.

The latest amount shows that in three months (July to September) Nigeria increased its debt by N1.2 billion when compared to the N42.84 trillion debt stock in June 2022.

READ ALSO: Debt stock of developing economies rises to $9trn – World Bank

It also means that Africa’s biggest economy has seen its debt rise by N4.5 trillion this year from N39.56 trillion at the end of last year.

DMO also stated that the N44.06 trillion comprises total domestic and external debt stock of the Federal Government, state governments, and the Federal Capital Territory.

Part of the DMO report reads: “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 subnational,” the DMO said. Further breakdown by DMO shows that the total domestic stock is currently at N26.92 trillion while the external stock was N17.15 trillion as of September 2022.