The Debt Management Office (DMO) of the Federal Government has averred in a statement on its website on Friday that the jump in public debt was due to new borrowings by the Federal Government to part-finance the deficit in the 2022 Appropriation Act, as well as new borrowings by sub-nationals. DMO said that the total public debt stock comprises domestic debt of N26.92 trillion and external debt of N17.5 trillion. The statement reads “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. “In comparison, the total public debt figure as of June 30, 2022, was N42.84 trillion. The total domestic stock as of September 30, 2022, was N26.92 trillion while the total external debt stock as of September 30, 2022, was N17.15 trillion. “The increase in the Debt Stock was largely due to new borrowings by the Federal Government to part-finance the deficit in the 2022 Appropriation Act, as well as, New Borrowings by sub-nationals.” Data from the DMO’s external and domestic debt service also showed that the country spent N1.17 trillion on debt in Q3’22.
