“The total public debt of Nigeria reaches $103.11 billion, with a slight increase in debt-to-GDP ratio”
The Debt Management Office (DMO) of Nigeria announced that the country’s total public debt has risen to N46.25 trillion or $103.11 billion as of December 2022, up from N39.56 trillion or $95.77 billion in 2021.
The increase is attributed to new borrowings by the Federal Government and sub-national governments to finance budget deficits and execute projects, as well as the issuance of promissory notes to settle some liabilities.
The DMO reports that the total domestic debt stock was N27.55 trillion or $61.42 billion, while the total external debt stock was N18.70 trillion or $41.69 billion. However, the debt-to-GDP ratio of 23.20% is still within the self-imposed limit of 40%, as well as the recommended limits by the World Bank/International Monetary Fund (55%) and the Economic Community of West African States (70%).
The government is making efforts to increase revenues from oil and non-oil sources through initiatives such as the Finance Acts and the Strategic Revenue Mobilization initiative to support debt sustainability.
