Borrowings push Nigeria’s public debt stock to N46.25trn in Q4 2022

Nigeria’s Debt Management Office (DMO) on Thursday put the country’s total public debt stock at N46.25 trillion or $103.11 billion at the end of December 2022, reflecting an increase of 14.46 per cent from N39.56 trillion (USD95.77 billion) recorded on 31 December, 2021.

The agency said the figure consists of the domestic and external debt stocks of the Federal Government, 36 state governments, and the Federal Capital Territory (FCT).

A statement issued by the DMO on Thursday said 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).

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.

The office said the issuance of promissory notes by the FGN to settle some liabilities also contributed to the growth in the debt stock.

To sustain the debt, the DMO said there are ongoing efforts by the government to increase revenues from oil and non-oil sources through such initiatives as the Finance Acts and Strategic Revenue Mobilisation initiative that are expected to support debt sustainability.