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
-
Ghana Rugby promotes inclusion through competition for deaf and hearing athletes
35 minutes -
AfDB to become top shareholder in Africa guarantee platform to boost derisking push
60 minutes -
Independence, Impartiality and Integrity of the Judiciary should not be compromised under any circumstances
1 hour -
WHO chief wraps up visit to Ebola-hit Congo, briefs president on response
1 hour -
Toy Story 5 shows ‘terror’ of children’s screen addiction, says Tom Hanks
1 hour -
Trump inserts himself into the centre of America’s 250th birthday celebrations
2 hours -
Chelsea reject approaches for Acheampong
2 hours -
Fenerbahce presidential rivals both want Greenwood
2 hours -
From the Boardroom to Organisational Performance: The Importance of Governance Attributes, Dynamics and Roles
2 hours -
Queiroz names Ghana’s final squad for 2026 World Cup
2 hours -
Overcoming resistance – Ancelotti’s bid to revive Brazil
2 hours -
Meet the new Rafa planning to conquer Roland Garros
2 hours -
The ban on polystyrene foam products- the game changing decision towards environmental cleanliness
2 hours -
Love of tennis behind second coming of Berrettini
2 hours -
Sabalenka’s superior serve helps her past spirited Osaka
3 hours