June 8,2022

Nigeria’s total debt stock rose to N41.60 trillion in the first quarter of 2022 from N39.56 trillion as of December 2021, according to figures from the Debt Management Office (DMO).

This covers the total domestic and external debt of the federal and state governments, and the Federal Capital Territory.

The figure represents an increase of N2.04 trillion within a period of three months.

The DMO disclosed this in a statement posting its website on Monday.

It read in part, “The total public debt stock as at March 31, 2022, was N41.60tn or $100.07bn, according to the Debt Management Office.

“The amount represents the domestic and external debt stocks of the Federal Government of Nigeria, the thirty-six state governments and the Federal Capital Territory. The comparative figures for December 31, 2021, were N39.56tn or $95.78bn.”

According to the DMO, the total public debt stock includes new domestic borrowing by the FGN to partly finance the deficit in the 2022 Appropriation Act, the $1.25bn Eurobond issued in March 2022 and disbursements by multilateral and bilateral lenders.

It added that there were also increases in the debt stock of the state governments and the FCT.

The DMO also said the total public debt to GDP is now 23.27 per cent, which is below Nigeria’s self-imposed limit of 40 per cent