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Nigeria's Total Debt Hits N44.06 Trillion

By Abuja Daily Mail

Nigeria’s total debt stock has risen to N44.06 trillion on the back of borrowings by Federal and State Governments.

A statement by the Debt Management Office yesterday in Abuja explained: “as at September 30, 2022, Nigeria’s Total Public Debt Stock which comprises the Total Domestic and External Debt Stock of the Federal Government of Nigeria (FGN), all State Governments and the Federal Capital Territory (FCT) stood at N44.06 trillion”.

Nigeria’s total public debt stood at N42.84 trillion by June 2022.

According to the DMO, “the total domestic debt stock as at September 30, 2022, was N26.92 trillion while the total external debt stock as at September 30, 2022, was N17.15 trillion”.

The DMO attributed the increase in the debt stock to “largely new borrowings by the Federal Government to part-finance the deficit in the 2022 Appropriation Act, as well as, new borrowings by sub-nationals”.

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