The Debt Management Office has said that Nigeria’s total Public Debt Stock has reached N35.465 trillion as of June 30 this year.
The Director-General of the Office, Patience Oniha revealed this on Wednesday in a virtual presentation. The latest data showed the debt stock rose by N2.35 trillion between the first and the second quarters of 2021.
As of March 31, the total debt stock which consists of domestic and external debts of the federal, state governments and the Federal Capital Territory was $87.239 billion (about N33.107 trillion).
This shows a N2.358 trillion rise in the debt stock from the end of the first quarter of the year to the end of the second quarter.
A breakdown of the debts shows that a larger chunk of the debt is the domestic component, which is N21.75 trillion, accounting for 61.3 per cent of the total debt stock.
External debts accounted for N13.7trillion (38.3 per cent) of the total debt stock.
The federal government led on the debtors’ profile with N11.82trillion external debt and N17.63 trillion domestic debt.
The States and FCT had N1.88trillion external debt and N4.12 trillion domestic debt stock.
Commenting on the latest debt stock, the DMO Head, said borrowing was key to bridging the deficits in budgeting and infrastructure in the past.
“Huge infrastructure deficit, recession (twice in six years), consecutive budget deficits, low revenue base compounded by dependence on one source – crude oil which prices crashed and at a point, at the peak of the COVID-19 pandemic, had no buyers,” she noted.
She also said DMO is in the process of converting the Ways and Means debt of about N10 trillion from the Central Bank of Nigeria by the federal government to a tenured debt.
“Where we are is to get the necessary approvals to convert it into a tenured debt.”