NIGERIA’S debt stood at N46.25 trillion as at December, the Debt Management Office (DMO) said on Thursday.
According to a statement by the DMO, there was an increase of over N7tr from what the country owned in 2021.
“Total Public Debt Stock consisting of the Domestic and External Debt Stocks of the Federal Government of Nigeria (FGN) and the sub- national governments (the 36 State Governments and the Federal Capital Territory) was N46.25 trillion or $103.1bn. The comparative figure for December 31, 2021, is N39.5tr or $95.77bn.”
“In terms of composition, Total Domestic Debt Stock was N27.55tr ($61.42bn) while total external debt stock was N18.7tr ($41.6bn).
The office said that the reasons for the increase in the Total Public Debt Stock were New borrowings by the Federal Government and sub-national governments, primarily, to fund budget deficits and execute projects.
“The issuance of Promissory Notes by the FGN to settle some liabilities also contributed to the growth in the Debt Stock.”
