Reports: Nigeria’s Debt Stock Hits N39.6tn in November

The total debt stock of Nigeria rose from N32.9 trillion to N39.6 trillion between December 2020 and November 2021.

This came to limelight through the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, during her presentation of the 2022 approved budget, disclosed that the government borrowed N6.7tn between January and November 2021.

In the period under review, domestic debt amounted to N5.1trillion and N1.6tn.

It would be recalled that in March 2021, the Debt Management Office disclosed that the country’s total public debt stock was N32.9tn as of December 2020.

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An additional N6.7tn loan means the total public debt stock would be about N39.6tn as of November 2021.

The Debt Management Office (DMO) had disclosed that the country’s total public debt increased to N33.1tn at the end of the first quarter of 2021, from N32.9tn in December 2020, showing an increase of about 200bn.

In Q2 2021, the total debt stock rose by N2.4tn to N35.5tn by June 2021.

The increase continued by N2.5tn to hit N38tn by Q3 2021, which was the last figure provided by the DMO.

Conversely, based on the minister’s presentation, there was an increase of N1.6tn from September to November 2021.