Nigeria’s total debt stock rose to N41.6 trillion in the first quarter of 2022, representing a N2.05 trillion increase compared to N39.56 trillion recorded as of December last year. In dollar terms, Nigeria’s debt stock rose to $100.1 billion.
Similarly, Nigeria’s debt-to-GDP ratio rose to 23.27% in the first quarter of the year, compared to 22.47% as of December 2022. While this is lower than the self-imposed limit of 40%, the rate is quickening faster, due to increased borrowing and tepid economic growth.
This is contained in the quarterly public debt portfolio report, released by the Debt Management Office (DMO).
According to the agency, Nigeria’s total public debt stock includes new domestic borrowings by the federal government, which was used to partly finance the 2022 budget deficit. The debt stock also includes $1.25 billion Eurobond issued in March 2022 and disbursements by multilateral and bilateral lenders.
Similarly, there were also increases in the debt stock of the various state governments and the federal capital.