Nigeria’s public debt has increased to N44.06 trillion in the third quarter of 2022.
This is coming as the most populous Nation in Africa continues to struggle with her repayment burden and a worsening economy.
DAILY POST learnt in a statement published on Debt Management Office, DMO website on Friday, that the country’s total public debt stock rose from N42.84 trillion recorded in the second quarter to N44.06 trillion in the Third Quarter of 2022.
DMO explained that there was a 2.85 per cent rise quarter-on-quarter with the nation obtaining N1.22 trillion in additional debt within the space of three months.
It attributed the increase in Nigeria’s debt stock to new borrowings by President Muhammadu Buhari’s administration to fund the deficit of the 2022 Appropriation Act and new borrowings by sub-nationals.
DMO added that of the said total debt sum, N26.92 trillion is made up of domestic debt while external debt is N17.15 trillion.
“Total public debt stock which comprises the total domestic and external debt stock of the Federal Government of Nigeria, all State Governments and the Federal Capital Territory stood at N44.06tn”.