said Nigeria’s total public debt stock, which was N41.60 trillion in March, rose to N42.84 trillion by June.
It said that while the foreign component of the debt remained at the same level of N16.61 trillion , the local component increased to N26.23 trillion . The DMO said that a larger percentage of the external debts were concessional and semi-concessional loans.“They were obtained 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 France.“This is due to new borrowings by the FGN to part-finance the deficit in the 2022 Appropriation Act, as well as new borrowings by state governments and the FCT,” the DMO said.
“While the Federal Government continues to implement revenue-generating initiatives in the non-oil sector and block leakages in the oil sector, Debt Service-to-Revenue ratio remains high,” it said.
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