Nigeria’s Public Debt Hits N46.25trn

The Debt Management Office has said that Nigeria’s public debt increased to N46.25 trillion as of the end of December 2021.

According to the DMO, the figure accounted for the total debt owed by the federal and state governments, as well as, the Federal Capital Territory.

The debt position as of December 2022 was about N6.69 trillion (22.47%) higher when compared to the end of December 2021 figure which was N39. 56 trillion.

The DMO said that the debt figure under review was 23.20% of the Gross Domestic Product (GDP), indicating that it was well within the limits set by both the federal government and international orhganisations.

It said, “The ratio of 23.20% is within the 40% limit self-imposed by Nigeria, the 55% limit recommended by the World Bank/International Monetary Fund, and, the 70% limit recommended by the Economic Community of West African States.”