Nigeria’s total public debt stock consisting of the domestic and external debt stocks of the Federal Government of Nigeria (FGN) and the subnational governments, 36 State Governments and the Federal Capital Territory, was N46.25 trillion or USD $103.11 billion as at December 31, 2022.

The comparative figure for December 31, 2021, is N39.56 trillion or USD $95.77 billion.

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

The Debt Management Office (DMO), which stated this on Thursday explained that “amongst the reasons for the increase in the Total Public Debt Stock were New Borrowings by the FGN and sub-national governments, primarily to fund Budget Deficits and execute projects”.

It added that “the issuance of Promissory Notes by the FGN to settle some liabilities also contributed to the growth in the Debt Stock”, stressing that “ongoing 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”.

Meanwhile, the total public debt to Gross Domestic Product (GDP) ratio for December 31, 2022, was 23.20 percent which indicates a slight increase from the figure for December 31, 2022, which was 22.47 percent.

According to the DMO, the ratio of 23.20 percent is within the 40 percent limit self-imposed by Nigeria.

The World Bank/International Monetary Fund, recommended limit is 55 percent, while the Economic Community of West African States’ recommended limit is 70 percent.