Nigeria’s domestic debt service grows by 46% in 6 months, says DMO
The Federal Government spent N1.33 trillion to service domestic debts in the first half of 2022, representing an increase of 42.5per cent compared to N935.46 billion spent in the corresponding period of 2021.
When compared to the second half of 2021, domestic debt service increased by 19.2per cent from N1.19 trillion. This is according to data released by the Debt Management Office (DMO).
Nigeria’s total debt stock rose to a record high of $103.31 billion as of June 2022, from N41.61 trillion recorded as of the previous quarter.
The breakdown of Nigeria’s debt profile showed that domestic debt stood at $63.25 billion, while external debt was $40.06 billion.
Nigeria’s debt profile has been on the rise over the years following the crunch in revenue, with the economy running on a fiscal deficit in the last 13 years.
A breakdown of the report showed that the highest was spent in the month of April 2022 at N529.881 billion, followed by the N376.44 billion spent in the previous month.
