Nigeria’s public debt rises to N42.84 trillion

Nigeria’s total public debt rose by 2.98 percent in the second quarter of this year to N42.84 trillion ($103.31 billion), new data released by the Debt Management Office (DMO) show.

The total public debt stock represents the domestic and external debt stocks of the Federal Government of Nigeria (FGN), the 36 state governments and the Federal Capital Territory

The debt stock rose by N3.28 trillion in the first half of this year from N39.56 trillion at the end of last year.

The DMO said the total external debt stock increased to $40.06 billion (N16.61 trillion) as at June 30, 2022 from $39.96 billion (N16.61 trillion) in March.

Read also:DMO raises concern over Nigerian govt’s debt service-to-revenue ration

“Over 58 percent of the external debt stock are concessional and semi-concessional loans from multilateral lenders such as the World Bank, International Monetary Fund, Afrexim and African Development Bank and bilateral lenders including Germany, China, Japan, India and…

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