The Debt Management Office (DMO) has disclosed that the overall debt stock of Nigeria has risen to N44.06 trillion as of September 2022. This information is based on the most recent available data.
DMO revealed this information in the most recent update to its debt report, which was posted on its website on Friday.
When compared to the debt stock of N42.84 trillion that existed in June 2022, the most recent sum demonstrates that Nigeria racked up an additional N1.2 billion in debt over the course of three months (July to September).
It also indicates that the level of debt carried by Africa’s most populous nation has increased by N4.5 trillion since the end of last year, when it stood at N39.56 trillion.
The Debt Management Office (DMO) also claimed that the whole domestic and external debt stock of the Federal Government, state governments, and the Federal Capital Territory is included in the N44.06 trillion figure.
A portion of the report from the DMO reads as follows: “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 subnationals,” the DMO said.
According to a further breakdown performed by DMO, the overall domestic stock is currently valued at N26.92 trillion, while the stock held by foreign governments was at N17.15 trillion as of September 2022.
