Nigeria’s total public debt rose to N44.06 trillion ($101.91 billion) as at September 30, 2022, the Debt Management Office said in a report on Friday.
The nation’s total public debt stood at N38 trillion ($92.63 billion) as at September 30, 2021.
External debt amounts to N17.15 trillion ($39.66 billion) or 38.87% of the total debt an increase from N15.57 trillion ($37.96 billion) as at September 30, 2021.
About 31.5% or $12.51 billion of the external debt is owed to the World Bank Group, the highest external lender to Nigeria.
On a bilateral basis, China (Exim Bank of China) is the highest lender to Nigeria. 10.31% or $4.09 billion of the external debt is owed to China.
Nigeria spent $801.23 million for external debt service payments from July to September 2022.
Domestic debt represents N26.92 trillion ($62.25 billion) or 61.08% of the total debt an increase from N22.43 trillion ($54.67 billion) owed as at September 30, 2021.
The Federal Government holds 48.91% or N21.55 trillion ($49.85 billion) of the domestic debt while states and FCT holds N5.36 trillion ($12.41 billion) of the total domestic debt.
FG spent N820.59 billion for domestic debt service from July to September 2022. Of this amount, total interest is N795.59 billion while principal is N25 billion, according to the report.
The CBN Official Exchange Rate of US$1 to N432.37 as at September 30, 2022 was used in converting External Debt to Naira.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.