Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Economy Macro-Economic News GDP

Nigeria’s debt-to-GDP ratio rises to 23.3% as debt stock rises to N41.6 trillion in Q1 2022

Samuel Oyekanmi by Samuel Oyekanmi
June 9, 2022
in GDP, Macro-Economic News
Nigeria’s external debt servicing gulps $520.78 million in Q3 2021, jumps by 74%
Share on FacebookShare on TwitterShare on Linkedin

Nigeria’s total debt stock rose to N41.6 trillion in the first quarter of 2022, representing a N2.05 trillion increase compared to N39.56 trillion recorded as of December last year. In dollar terms, Nigeria’s debt stock rose to $100.1 billion.

Similarly, Nigeria’s debt-to-GDP ratio rose to 23.27% in the first quarter of the year, compared to 22.47% as of December 2022. While this is lower than the self-imposed limit of 40%, the rate is quickening faster, due to increased borrowing and tepid economic growth.

RelatedPosts

Inflation in Nigeria: What will happen to your money in the next days and weeks

Canada’s inflation jumps 7.7% in May, the highest since January 1983

This is contained in the quarterly public debt portfolio report, released by the Debt Management Office (DMO).

According to the agency, Nigeria’s total public debt stock includes new domestic borrowings by the federal government, which was used to partly finance the 2022 budget deficit. The debt stock also includes $1.25 billion Eurobond issued in March 2022 and disbursements by multilateral and bilateral lenders.

Similarly, there were also increases in the debt stock of the various state governments and the federal capital.

Highlight

  • A breakdown of the debt stock shows that federal government domestic debt increased by 3.99% in the first three months of the year to $48.45 billion from $46.59 billion recorded as of December 2021.
  • In the same vein, states’ domestic debt increased by 7.91% to stand at $11.65 billion as of 31st March 2022. This represents an $853 million increased quarter-on-quarter. In all, total domestic debt rose by 4.73% to stand at $60.1 billion.
  • A further look at the federal government debt stock by instrument, FGN Bonds accounted for 70.7% of the total domestic debt at N14.24 trillion.
  • Similarly, Nigerian Treasury Bills accounted for 21.88% with a total of N4.41 trillion debt stock.
  • On the other hand, external debt rose by 4.08% to stand at $39.96 billion, compared to the previous quarter.
  • The federal government in the review period spent a total of N668.69 billion on domestic debt service, which is 115% higher than the N310.49 billion spent in the previous quarter and 9.1% more than the N612.71 billion incurred in the corresponding period of 2021.
  • External debt service surged to $548.79 million in Q1 2022 compared to $286.35 million spent in the previous quarter.

What the DMO is saying

The press release by the DMO partly reads: “Whilst the total public debt to GDP at 23.27% was below Nigeria’s self-imposed limit of 40%, the momentum by the government to grow and diversify revenues remain a priority to ensure the public debt is sustainable.

“Initiatives in this regard are yielding results as Actual revenues for January to November 2021 at N5.51 trillion was 39.21% more than the N3.96 trillion recorded in 2020. Similarly, the share of Non-oil revenue grew by 80% compared to 61% in 2020.”

Related

Tags: debtDebt profileDMOFeatured

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Hot forex
Cornerstone
Mega Millions
Polaris Bank
Access Bank
Bankers Committee
First bank


FCMB
Ikeja Electrics




    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    •  Investors in MTN Public Offer gain N35 billion in 6 months
    • Crypto Focused Hedge Funds are Shorting USDT – Reports
    • Customs seizes N1.3bn worth of smuggled goods in Ogun between May and June

    Follow us on social media:

    Recent News

    : MTN-Nigeria-CEO-Karl-Toriola

     Investors in MTN Public Offer gain N35 billion in 6 months

    June 28, 2022
    Tether, the most promising stable coin, now the third most valuable cryptocurrency

    Crypto Focused Hedge Funds are Shorting USDT – Reports

    June 27, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com