The Debt Management Office (DMO) says Nigeria’s total public debt stock increased to N41.60trn in the first quarter of 2022, from N39.56trn as of December 2021.
This shows an increase of N2.04tn within a period of three months.
The public debt stock covers the total domestic and external debt of the Federal Government and state governments and the Federal Capital Territory.
According to a statement on the DMO’s website, “The total public debt stock as at March 31, 2022, was N41.60trn 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 N39.56trn or $95.78bn.”
The DMO explained that 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 percent, which is below Nigeria’s self-imposed limit of 40 percent.