Macro Analysis /

Nigeria: Total federation public debt reaches 21.9% of GDP as of end-June

    1 October 2021
    • Total public debt jumps 14% y/y driven by official external creditors, FGN bonds and naira devaluation
    • DMO raises debt/GDP limit to 40% to accommodate proposed securitization of NGN 10tn worth of Ways and Means financing
    • Federal government sees NGN 5.6tn deficit in 2021, to be financed by new borrowing of NGN 4.7tn
    • Debt service to revenue ratio was 98% during Jan-May, budget office has warned