Egalitarian Voice
Online news outfit that comes with credible and factual news
Click Here
Our Commitment
We are committed to give latest news and update all over the world. We give valid news, events and occurence around the globe
Click Here
Previous
Next

Nigeria’s Public Debt Hits N44 Trillion || DMO

The Debt Management Office has revealed that Nigeria’s public debt rose to N44.6 trillion in the third quarter of this year (Q3 in 2022).

This represents a 2.9 per cent quarter-on-quarter decline when compared to N42.84 trillion recorded in Q2 in 2022.

The Debt Management Office, DMO, disclosed this today in a press statement on its website noting 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.

DMO said, “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.

ALSO READ: DMO Director Says Nigeria’s Debt Sustainability Is Now Alarming

“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.”

Data from the DMO’s external and domestic debt service also showed that the country spent N1.17 trillion on debt in Q3’22.

This comprises N820.59 billion for domestic debt service and N356.92 billion ($801.23 million) for external debt service.

Recently, 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.

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles

Segun Akinlabi

Media Blogger

EgalitarianVoice is a subsidiary of EGALITARIAN MEDIA HUB, it is a blog that keeps you up to date latest news and updates all around the world.

Our articles are written by real life geeks, seasoned and experienced authors.

The site is committed to secure your right cus your voice must be heard and advertisement of your products & services.

The site is managed by Egalitarian Segun AKINLABI who is the Editor-in-chief, others editors from Egalitarian Team Oyo State, Nigeria.

Egalitarian

Featured Posts
Advertisements