The Debt Management Office (DMO) has revealed that Nigeria’s total public debt hit N87.38 trillion at the end of the second quarter of 2023.
The DMO in a report on Thursday revealed that the current debt stock of N87.38 trillion exceeded its projection by N10.38 trillion.
It noted that the debt includes the N22.71 trillion Ways and Means Advances of the Central Bank of Nigeria (CBN) to the federal government.
A breakdown of the country’s debt showed that Nigeria has a total domestic debt of N54.13 trillion and total external debt of N33.25 trillion.
A further breakdown revealed that the domestic debt makes up 61.95 per cent of total debt, while the external debt makes up 38.05 per cent.
The report indicated that domestic debt rose by 79.18 per cent from N30.21 trillion, whereas the external debt rose by 69.28 per cent from N19.64tn in Q1 2023.
However, In its 2022 Debt Sustainability Analysis Report, the DMO warned the federal government’s projected revenue of N10tn for 2023 could not support fresh borrowings.
The figure represents an increase of 75.29 per cent or N37.53tn compared to N49.85tn recorded at the end of March 2023.
It stated: “Nigeria’s total public debt stock as at June 30, 2023, was N87.38tn ($113.42bn). It comprises the total domestic and external debts of the Federal Government of Nigeria, the thirty-six states, and the Federal Capital Territory.
“The major addition to the Public Debt Stock was the inclusion of the N22.712tn securitized FGN’s Ways and Means Advances.”
The report noted that other additions to the debt stock were new borrowings by the federal government and the sub-nationals from local and external sources.