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Nigeria Debt Profile Fattens by N6.7trn

Nigeria debt profile has gotten larger again, but by N6.7 trillion, an estimation summed up from December 2020 to November 2021.

The shocking rise in money owed was scary as it suddenly went from N32.9 trillion to N39.6 trillion in less than a year.

Meanwhile, Zainab Ahmed, the Minister of Finance, Budget and National Planning, disclosed this information to the general public yesterday.

In her presentation of the 2022 approved budget, Ahmed revealed that the government borrowed N6.7tn between January and November 2021.

She said that within the period under study, the country acquired a loan of N5.1 trillion of domestic debt and later requested N1.6 trillion of foreign debt to augment.

Nigeria Debt Profile

However, the domestic debt includes borrowing from the Central Bank of Nigeria, CBN, as this was the information contained on her presented document.

On a similar note, the Debt Management Office, DMO, had, in March 2021, revealed the nation’s total money owed; in other words, total public debt summed up to n32.9 trillion in December 2020.

According to the DMO, Nigeria’s total public debt metamorphosed into N33.1tn within the end of the first quarter.

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