Tag: Debt Management Office

Debt Stock: Nigeria’s debt rises further, hits N44.06tr – DMO

Aminu Imam

Nigeria’s debt stock rose to N44.06 trillion in September 2022 from N42.84 trillion in June, according to new data from Debt Management Office (DMO). The total debt stock comprises of total domestic and external debt stock of the Federal Government, State governments and the Federal Capital Territory. Nigeria, which is Africa’s biggest economy, has seen its debt rise by N4.5 trillion this year, from N39.56 trillion at the end of last year. “The increase in the debt stock was largely due to new borrowings by the Federal Government to part-finance…

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Nigeria’s public debt rises to N42.84 trillion – DMO

Aminu Imam

Nigeria’s total public debt rose by 2.98 percent in the second quarter of this year to N42.84 trillion ($103.31 billion), new data released by the Debt Management Office (DMO) has shown. The total public debt stock represents the domestic and external debt stocks of the Federal Government of Nigeria, the 36 State governments and the Federal Capital Territory, (FCT). According to the DMO, the debt stock rose by N3.28 trillion in the first half of this year, from N39.56 trillion at the end of last year. It further said the…

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Debt: Kaduna, Cross-River has highest exposure to China – Report

Aminu Imam

…As Nigeria’s total debt stock hits $100bn Two Nigerian states of Cross River and Kaduna have the highest debt to China, given through China’s Exim Bank, according to data from Debt Management Office (DMO). The States are also exposed to lenders like Japan International Corporation (Jica) India and KFW Development Bank. According to the DMO, the two States owe a total of $33,475,847, with Cross River State owing the most with $20,676,994 and Kaduna with $12,796,853. Further information from DMO also revealed that Nigeria’s total debt stock, which hit over…

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‘Every Nigerian owes N191,889 of national debt’

Aminu Imam

Every Nigerian currently owes about N191,889 in terms of debt per capita, as the country’s total public debt hits N39.56 trillion at the end of December 2021, analysis of Nigeria’s latest total public debt stock has shown. Data released on Thursday by the Debt Management Office (DMO), shows that Nigeria’s total debt increased by 20.2% to N39.56trillion as of December 31, 2021. According to a statement by the DMO, the amount represents the total external and domestic debts of the Federal Government of Nigeria (FGN), the 36 States governments and…

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Nigeria’s debt rises to N39.6 trillion and growing – DMO

Aminu Imam

…Says FG borrowed over N6tr in 2021 The Debt Management Office (DMO) has said that the nation’s public debt has grown to US$95.779 billion or N39.556 trillion at the end of last year. The Director-General of DMO, Ms. Patience Oniha, who disclosed this during a media briefing in Abuja yesterday, said the amount represents the total external and domestic debts of the Federal Government, 36 State governments and the Federal Capital Territory, (FCT). She noted that the comparable figure for December 31, 2020 was US$86.392 billion, or N32.815 trillion. She…

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Economy: Nigeria battles insolvency as borrowing escalates

Aminu Imam

Of recent, the question on the lips of not a few economic commentators on Nigeria, as they scan the numbers charts, is whether Nigeria is sliding into economic doldrums. Even if the response to this question is not in the affirmative, the prospect of the country being potentially insolvent at the moment is not a far-fetched guestimate by many discerning Nigerians and other observers elsewhere who feel that the country’s mountainous debt pile may be dragging it down the hill economically. The unfolding events did not surprise people when the…

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Experts worry over Nigeria’s N3.8tr debt servicing in 2022

Aminu Imam

With the Federal Government planning to spend N3.8 trillion out of the N16 trillion 2022 budget on servicing its debt obligations, analysts have expressed worry that the country may soon run out of room to finance its debts. This is as they called for a review of government spending and a reduction in the country’s borrowing, saying there is a need for the government to look into other sources of funding asides from borrowing. According to the 2022 Appropriation Bill, the Federal Government is looking at increasing its debt portfolio…

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Nigeria’s debt to China rises to $4.15 billion – DMO

Aminu Imam

The Debt Management Office, (DMO), has in its latest data revealed that Nigeria’s debt to China is $4.15 billion as of September, 2021. According to the DMO, this balance is out of a total debt of $6.5 billion available for Nigeria to draw down. Most of the debts are for a period of 20 years, with a grace period to repay the principal of about 7 years. Only a $200 million debt had a tenor of 12 years with a grace period of 5 years. The loans are broken into…

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Nigeria’s debt increased by N2.3tr in 3 months – DMO reveals

Aminu Imam

The Debt Management Office, (DMO), has stated that Nigeria’s total public debt stock (Federal and State governments) hit N35.46 trillion at the end of the second quarter (Q2) of 2021. This represents an increase of N2.36 trillion when compared to the N33.10 trillion recorded in March 2021. This breakdown was given by the Director-General of DMO, Patience Oniha, during a virtual media presentation on Wednesday. She said the Federal Government accounts for 83.07% of the debt burden while the 36 States and the Federal Capital Territory (FCT) held 16.93%. Oniha…

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FG spends N1.02tr on debt servicing in Q1, 2021 – DMO

Aminu Imam

The Federal Government spent a sum of N1.02 trillion on domestic and foreign debt service in the first quarter of 2021. This is according to the debt service payment report for Q1 2021, released by the Debt Management Office (DMO). The amount represents a 35.7% year-on-year increase, compared to N753.7 billion spent in the corresponding period of 2020. A cursory look at the data reveals that N612.71 billion was spent on domestic debt service, while N410.1 billion was expended on servicing of external debt. Recall that Nigeria’s total debt portfolio…

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