This represents an increase of N2.36 trillion compared to the N33.10 trillion recorded in March 2021.
Oniha said the total external debt stock rose from N12.47 trillion as of March 31 to N13.71 trillion as of June 30, indicating an increase of N1.24 trillion or 9.94 percent.
Also, the total domestic debt stock rose from N20.64 trillion as of March 31 to N21.75 trillion as of June 30, indicating an increase of N1.11 trillion or 5.38 percent.
At the end of the second quarter, a breakdown of external debt stock showed that multilateral debt (from World Bank Group and African Development Group) led the list of Nigeria’s creditors with a share of 54.88 per cent.
The second highest was commercial debt (from eurobonds and diaspora bonds), with a share of 31.88 percent.
It was followed by bilateral debts (from China, France, Japan, India and Germany) with a share of 12.70 per cent, while promissory notes had a share of 0.54 percent.
“We are currently working at converting it to a tenor facility. This is because overdrafts should be cleared when they are due,” the DMO boss explained.
Oniha while speaking on the president’s recent request for fresh loans argued that the amount was captured in the country’s medium-term expenditure framework and fiscal stability paper (MTEF/FSP) and duly approved by the federal executive council (FEC).