The director general of the Debt Management Office (DMO) Ms. Patience Oniha has revealed that Nigeria’s total debt stock as at December 2021 stood at N39.556 trillion ($95. 770 billion)
She stated this on Thursday in Abuja at a media interaction on Nigeria’s debt levels at the end of 2021.
Oniha said other arms of government are also responsible for Nigeria’s growing debt.
“It is not only the president and the minister of finance that endorse borrowing. The national assembly passes the budget which contains how much will be borrowed after budget defence and public hearings.”
Speaking on the country’s ballooning debt profile, Oniha stated: “Borrowing came from the budget. The figures didn’t just happen. They came from many years of consecutive borrowing authorized by existing laws”.
The new figure results in the nation’s debt to gross domestic product (GDP) rising to 22.47 percent.
Nigeria’s debt service to revenue is 33.4 per cent.
