The Federal Government of Nigeria has spent N1.33 trillion servicing domestic debts in the first half of 2022, representing an increase of 42.5% compared to N935.46 billion spent in the previous year.
According to data released by the Debt Management Office (DMO), domestic debt service increased by 19.2% from N1.19 trillion when compared to the second half of 2021.
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.
Recall that 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.