Nigeria’s public debt hits N44trn



…spends N1.17trn on debt service


By Elizabeth Adegbesan

Nigeria’s public debt reached 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.

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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…

Source: Vanguard Newspaper