If national debts were to be paid individually, every Nigerian would have to cough out at least N214, 454, as Nigerian debts rise to N45.25 trillion. The country increased its debts by additional N4 trillion in the last five months, according to records made available by the Debt Management Office (DMO) and the Central Bank of Nigeria (CBN).
The implication is that, “every Nigerian currently owes about N214,454 in terms of debt per capita, as the country’s total public debt hit N45.25 trillion at the end of August 2022, analysis of Nigeria’s latest total public debt stock has shown, analysts have said.
The CBN, in August, said Nigeria will not stop borrowing when it is necessary because it is a component of fiscal responsibility.
Available data shows that the federal government held more than 88 per cent of the total debt stock.
The data showed that between April and August, the federal government issued domestic debt instruments on a regular basis to raise roughly N3.34 trillion.
From N24.987 trillion in the first quarter to N28.322 trillion in August, the national debt increased.
The debt stock, which stood at N32.92 trillion by December 2020, rose to N39.556 trillion by December 2021 and N41.6 trillion by the end of the first quarter of 2022.
The apex bank explained that the development was driven by the 16.8 per cent and 12.4 per cent decline in inflows through the CBN and autonomous sources, respectively.
Foreign exchange inflow through the bank, at $7.63 billion, fell below the $9.18 billion in the preceding quarter.
Similarly, the apex bank revealed that foreign exchange outflow through the economy fell by 10.1 per cent to $10.98 billion, relative to the level in the fourth quarter.
It noted that of the total, outflow through the bank amounted to $8.43 billion, a decline of 20.3 per cent, relative to $10.58 billion in the preceding quarter.
The report revealed that the bank sold $4.86 billion worth of foreign exchange to authorised dealers in the first quarter of 2022, but recorded a 5.8 per cent decrease in the sale of foreign currency, compared with the previous quarter.
