New borrowings shoot Nigeria’s debt to N46.25 trillion

The Debt Management Office (DMO), has disclosed that Nigeria’s total debt stock, as of December 31, 2022, currently stands at N46.25 trillion or $103.11 billion.Information Guide Nigeria

According to THE SUN, the comparative figure for December 31, 2021, is N39.56 trillion or $95.77 billion.

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In terms of composition, the total domestic debt stock was N27.55 trillion ($61.42 billion) while the total external debt stock was N18.70 trillion $41.69 billion.

The latest total public debt stock consists of the domestic and external debt stocks of the Federal Government of Nigeria (FGN) and the sub-national governments 36 State Governments and the Federal Capital Territory.

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The DMO in a statement said,

“On-going efforts by the Government to increase revenues from oil and non-oil sources through initiatives such as the Finance Acts and the Strategic Revenue Mobilisation initiative are expected to support debt sustainability.NYSC Portal

“Meanwhile, the total public debt to Gross Domestic Product (GDP) ratio for December 31, 2022, was 23.20% which indicates a slight increase from the figure for December 31, 2022, at 22.47%. The ratio of 23.20% is within the 40% limit self-imposed by Nigeria, the 55% limit recommended by the World Bank/International Monetary Fund, and the 70% limit recommended by the Economic Community of West African States.”JAMB Result

According to the DMO, N1 trillion has thus far been spent on debt financing this year out of N2.129 trillion that was raised in January and February from issuances of FGN Bonds, Nigerian Treasury Bills and FGN Savings Bonds.

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