Lawmakers Cry Out As Nigeria’s Debt Reaches N42.84trn

The House of Representatives at the resumption of plenary yesterday expressed concern over the growing debt profile of the country.

The Debt Management Office (DMO) revealed that Nigeria’s total debt as of June this year stood at N42.84 trillion.

The speaker of the House, Hon. Femi Gbajabiamila, during his welcome remarks after the long recess also raised concerns over the decline in crude oil production due to theft and sabotage.

A breakdown of the debt figures released by the DMO yesterday has shown that the majority of the funds borrowed were done domestically with 72.53 per cent being FGN bonds.

A statement posted on the DMO’s website also indicated that Nigeria’s total public debt stock, comprising the debt obligations of the federal, state governments, and the Federal Capital Territory (FCT) rose by N1.24 trillion within three months, from N41.60 trillion ($100.07 billion) as at March 30, 2022, to N42.84 trillion ($103.31billion) by June 30, 2022.

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