National debt hits N44tn as repayment burden worsens

Nigeria’s public debt rose to N44.06tn in the third quarter of 2022 as it continues with a repayment burden.

According to a press statement published on the website of the Debt Management Office on Friday, the total public debt stock rose from N42.84tn recorded in the second quarter to N44.06tn in Q3, 2022.

This showed that there was a 2.85 per cent increase quarter-on-quarter and Nigeria acquired N1.22tn debt within three months.

The DMO said 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, alongside new borrowings by sub-nationals.

It also noted that the total public debt stock consists of domestic debt of N26.92tn and external debt of N17.15tn.