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Crisis: Nigeria’s Debt Reaches An All-time High figure



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Crisis: Nigeria’s Debt Reaches An All-time High figure

Crisis: Nigeria’s Debt Reaches An All-time High figure

The total public debt stock in Nigeria increased from N41.60 trillion (100.07 billion dollars) in March to N42.84 trillion (103.31 billion dollars) in June.

The figure was provided by the Debt Management Office (DMO), led by Patience Oniha, in a statement issued on Tuesday.

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The total debt represents the Federal Government’s domestic and external debt stocks, as well as the debt stocks of the 36 state governments and the Federal Capital Territory (FCT).

Despite the fact that the foreign component of the debt remained unchanged at N16.61 trillion (39.96 billion dollars), the local component increased to N26.23 trillion (63.24 billion dollars).

According to the DMO, concessional and semi-concessional loans account for more than 58% of total external debt.

They came from the World Bank, the International Monetary Fund, Afrexim, and the African Development Bank, as well as Germany, China, Japan, India, and France.

The total domestic debt stock increased from N24.98 trillion ($60.1 billion) in March to N26.23 trillion ($63.24 billion) in June.

This was in addition to new borrowings by state governments and the FCT to help finance the deficit in the 2022 Appropriation (Repeal and Enactment) Act.

“The Debt-to-GDP as at June 30, was 23.06 per cent compared to the ratio of 23.27 as at March 30. It remains within Nigeria’s self-imposed limit of 40 per cent”, the statement added.

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