Audio By Carbonatix
Nigeria's total public debt rose 3% to $103.3 billion in the second quarter of this year, largely driven by local borrowing to finance the budget deficit, the Debt Management Office (DMO)said.
Nigeria's deficit has grown this year due to the high cost of a fuel subsidy at a time when oil revenue has fallen due to crude theft and vandalism of pipelines.
The DMO said in its latest data, seen by Reuters on Tuesday, that public debt increased from $100.07 billion as of March this year to $103.3 billion by the end of June.
Although the debt constitutes 23% of the country's gross domestic product - within the government's self-imposed limit of 40% - Nigeria's debt repayment costs are rising while revenues are shrinking.
Between January and April 2022, Nigeria spent more money to service its debt than it raised as revenue.
Latest Stories
-
Adom FM’s ‘Strictly Highlife’ lights up La Palm with rhythm and nostalgia in unforgettable experience
25 minutes -
Ghana is rising again – Mahama declares
5 hours -
Firefighters subdue blaze at Accra’s Tudu, officials warn of busy fire season ahead
6 hours -
New Year’s Luv FM Family Party in the park ends in grand style at Rattray park
6 hours -
Mahama targets digital schools, universal healthcare, and food self-sufficiency in 2026
6 hours -
Ghana’s global image boosted by our world-acclaimed reset agenda – Mahama
6 hours -
Full text: Mahama’s New Year message to the nation
6 hours -
The foundation is laid; now we accelerate and expand in 2026 – Mahama
7 hours -
There is no NPP, CPP nor NDC Ghana, only one Ghana – Mahama
7 hours -
Eduwatch praises education financing gains but warns delays, teacher gaps could derail reforms
7 hours -
Kusaal Wikimedians take local language online in 14-day digital campaign
8 hours -
Stop interfering in each other’s roles – Bole-Bamboi MP appeals to traditional rulers for peace
8 hours -
Playback: President Mahama addresses the nation in New Year message
8 hours -
Industrial and Commercial Workers’ Union call for strong work ethics, economic participation in 2026 new year message
10 hours -
Crossover Joy: Churches in Ghana welcome 2026 with fire and faith
10 hours