Nigeria Total Debt Profile Reaches All Time High At N41 Trillion As Election Heats Ups.
Report published by Debt Management Office (DMO) for first quarter of 2022, shows that the total public debt for Nigeria stood at N41.60 trillion or USD100.07 billion, from N39.56tn as of December 2021.
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This shows an increase of N2.04tn within a period of three months.The Total Public Debt Stock includes New Domestic Borrowing by the FGN to part finance the deficit in the 2022 Appropriation Act, the USD1.25 billion Eurobond issued in March 2022 and disbursements by multilateral and bilateral lenders. There were also increases in the Debt Stock of the State Governments and the FCT.
The amount represents the Domestic and External Debt Stocks of the Federal Government of Nigeria (FGN), the thirty-six (36) State Governments and the Federal Capital Territory (FCT). The comparative figures for December 31, 2021, were N39.56 trillion or USD95.78 billion.
Whilst the Total Public Debt to GDP at 23.27% was below Nigeria’s self-imposed limit of 40%, the momentum by the Government to grow and diversify revenues remain a priority to ensure that public debt is sustainable. Initiatives in this regard are yielding results as Actual Revenues for January to November 20721 at N5.51 trillion was 39.21% more than the N3.96 trillion recorded in 2020. Similarly, the share of Non-oil Revenue grew to 80% compared to 61% in 2020.