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

Nigeria’s debt stock rose to N44.06 trillion in September 2022 from N42.84 trillion in June, according to new data from Debt Management Office (DMO).

The total debt stock comprises of total domestic and external debt stock of the Federal Government, state governments and the Federal Capital Territory.

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.

Read also: Ghana’s debt overhang foretells Nigeria’s fate

“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.

The total domestic stock stood at N26.92 trillion while the external stock was N17.15 trillion as of September 2022, it said.

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