{"id":1209090,"date":"2022-09-22T12:38:13","date_gmt":"2022-09-22T12:38:13","guid":{"rendered":"https:\/\/www.ghanamma.com\/2022\/09\/22\/nigerias-public-debt-rises-to-103-billion-in-second-quarter\/"},"modified":"2022-09-22T12:38:13","modified_gmt":"2022-09-22T12:38:13","slug":"nigerias-public-debt-rises-to-103-billion-in-second-quarter","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2022\/09\/22\/nigerias-public-debt-rises-to-103-billion-in-second-quarter\/","title":{"rendered":"Nigeria&#8217;s public debt rises to $103 billion in second quarter"},"content":{"rendered":"<p><img decoding=\"async\" src=\"http:\/\/www.ghanamma.com\/wp-content\/uploads\/2022\/09\/Nigeria-Finance-Minister.jpg\" \/><\/p>\n<div id=\"article-text\">\n<p>Nigeria\u2019s 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.<\/p>\n<p>Nigeria\u2019s 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.<\/p>\n<p>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.<\/p>\n<p>Although the debt constitutes 23% of the country\u2019s gross domestic product \u2013 within the government\u2019s self-imposed limit of 40% \u2013 Nigeria\u2019s debt repayment costs are rising while revenues are shrinking.<\/p>\n<p>Between January and April 2022, Nigeria spent more money to service its debt than it raised as revenue.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Nigeria\u2019s 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\u2019s deficit has grown this year due to the high cost of a fuel subsidy at a time when oil revenue has fallen due [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1209091,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[72],"tags":[3659,1580,1390,2154,1553,5206],"class_list":{"0":"post-1209090","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-billion","9":"tag-debt","10":"tag-nigerias","11":"tag-public","12":"tag-quarter","13":"tag-rises"},"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1209090","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/comments?post=1209090"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1209090\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/media?parent=1209090"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/categories?post=1209090"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/tags?post=1209090"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}