Nigeria’s debt stock increased in the fourth quarter of 2022, reaching N46.25 trillion ($103.11 billion), according to the Debt Management Office (DMO) on Thursday.
The total debt, according to DMO, included both domestic and external debt stocks of the Federal Government, 36 state governments, and the Federal Capital Territory (FCT).
According to the statement, total domestic debt stock was N27.55 trillion (USD 61.42 billion), while total external debt stock was N18.70 trillion (USD 41.69 billion).
New borrowings by the FGN and sub-national governments, primarily to fund budget deficits and carry out projects, were among the reasons for the increase in the total public debt stock.
The FGN’s issuance of Promissory Notes to settle some liabilities also contributed to the increase in debt stock.
“Ongoing efforts by the government to increase revenues from oil and non-oil sources, such as the Finance Acts and the Strategic Revenue Mobilization initiative, are expected to support debt sustainability,” it says.
According to the statement, the total public debt to GDP ratio for December 31, 2022 was 23.20 percent, a slight increase from the figure for December 31, 2022, which was 22.47 percent.
“The ratio of 23.20 percent is within Nigeria’s self-imposed 40 percent limit, the World Bank/International Monetary Fund’s 55 percent limit, and the Economic Community’s 70 percent limit.”
