DMO: Oyo’s public debt increased by N45bn in one year, hits N178bn

The Debt Management Office (DMO) on Friday disclosed that Oyo state’s total public debt as at December 31, 2021, has risen to N178 billion  from N129.94 billion it was on December 31, 2020.

Data released by DMO also revealed that the state  government’s  foreign debt stood at $85.27 million (N35.46 billion) and N142.56 billion for domestic debt.

The current figure represents an increase of N45 billion plus in one year compared to compared to theN129.94 billion recorded in 2020.

Checks further revealed that Oyo state is among top 10 states in the Nigeria with highest domestic debt at N142.56 billion.

2020:

Domestic Debt N99.94 billion

Foreign debt $83.7 million (about N30 billion)

Total: 129.94 billion

2021:

$85.27 million (35,46 billion)

N142.56 billion

Total: N178 billion

Similarly, Nigeria’s total debt as at December 31, 2021, rose to N39.556 trillion ($95.779 billion), from N32.915 trillion it was on December 31, 2020 ($86.392 billion).

The amount represents the total external and domestic Debts of the Federal Government of Nigeria (FGN), the 36 State Governments and the Federal Capital Territory (FCT) administration

According to the Director-General, DMO, Patience Oniha, the total debt includes new borrowings by the Federal Government and the sub-nationals.

She also said that the amount helped in financing the budget deficit, capital projects and support economic recovery.

“For the FGN, it would be recalled that the 2021 Appropriation and Supplementary Acts included total new borrowings (from domestic and external sources) of N5.489 trillion to partly finance the deficit.

“Borrowings for this purpose and disbursements by multilateral and bi-lateral creditors account for a significant portion of the increase in the debt stock. Increases were also recorded in the debt stock of the States and the FCT.

“The new borrowings were raised from diverse sources, primarily through the issuances of the Eurobonds, Sovereign Sukuk and FGN Bonds. These capital raisings”, Oniha said.