FRI. 31 MARCH 2023-theGBJournal | According to Debt Management Office (DMO), Nigeria’s total public debt stocks as at December 31, 2022 was N46.25 trillion or US$103.11 billion. The comparative figure for December 31, 2021 is N39.56 trillion or US95.77 billion.
The debt stock consists of the domestic and external debt stocks of the Federal Government of Nigeria and the sub-national governments consisting of the 36 States of the Federation and the Federal Capital Territory (FCT).
The DMO said in a statement Thursday that ‘’new borrowings by the Federal Government and the States, primarily to fund budget deficits and execute projects,’’ were among the reasons for the increase in the total debt stock.
‘’The issuance of Promissory Notes by the Federal Government to settle some liabilities also contributed to the growth in the debt stock,’’ the DMO added.
‘’In terms of composition, total domestic debt stock was N27.55 trillion (US$61.42 billion) while total external debt stock was N18.70 trillion or US$41.69 billion).
Meanwhile, the total public debt to GDP ratio for December 31, 2022, was 23.20% and indicates slight increase from the figure for December 31, 2021, at 22.47%.
The DMO notes that ratio of 23.20% is within the 40% limit self-imposed by Nigeria, the 55% limit recommended by the World Bank /International Monetary und (IMF), and the 70% limit recommended by the Economic Community of West African States (ECOWAS).
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