Nigeria’s public debt profile now N46.25 trillion- DMO

Nigeria’s total public debt stock stood at N46.25 trillion (about $103.11 billion) as at December 2022.

The Debt Management Office (DMO) made this known in its fourth quarter 2022 Report.

The debt stock is the total portfolio by the Federal Government, 36 state governments, and the Federal Capital Territory (FCT).

The DMO report came on a day the Federal Government dismissed report that the Chinese government had rejected its request for a $22 billion loan.

Director-General of the DMO Ms. Patience Oniha, told The Nation that the government remained unshaken.

She said: “Nigeria has several sources of funding… other countries and institutions don’t lend based on China. The ratio of 23.20 per cent is within the 40 per cent limit self-imposed by Nigeria, the 55 per cent limit recommended by the World Bank/International Monetary Fund and the 70 per cent limit recommended by the Economic Community of West African States.”

The DMO figure reflects a 14.46 per cent increase when compared to the N39.56 trillion, equivalent of (USD 95.77 billion) recorded on 31 December, 2021.

The figure reflects a 14.46 per cent increase when compared to the N39.56 trillion (N95.77 billion) recorded on 31 December, 2021.

In a statement analysing the debt profile, the DMO said that in terms of composition, total domestic debt stock amounted to N27.55 trillion (about $ 61.42 billion), while the total external debt stock peaked at N18.70 trillion ($41.69 billion).

It attributed the increase in the total public debt stock to new borrowings by the Federal Government and sub-national governments, primarily to fund budget deficits and execute projects, adding that the issuance of promissory notes by the FGN to settle some liabilities also contributed to the growth in the debt stock.

To cut the portfolio, the DMO said the government was stepping up efforts to increase revenues from oil and non-oil sources