Reviewed official documents from the monthly issuance reports by the Debt Management Office (DMO) and the Central Bank of Nigeria, CBN, have shown that Nigeria’s debts have risen by about N4 trillion in the past five months to N45.25 trillion.
As Nigeria’s rising debt burden has continued to throw up heated public debates, private sector experts have expressed concerns over the country’s fiscal sustainability amidst dwindling national revenue.
According to the document, the federal government accounted for more than 88 per cent of the debt stock.
The documents revealed that the federal government raised about N3.34 trillion through its regular issuance of domestic debt instruments between April and August.
The domestic debts rose from N24.987 trillion in the first quarter to N28.322 trillion by August.
The debt stock, which stood at N32.92 trillion by December 2020, rose to N39.556 trillion by December 2021 and N41.6 trillion by the end of the first quarter of 2022.