The Debt Management Office has said that the country’s total public debt increased to N41.60 trillion in the first quarter of 2022 from N39.56 trillion as of December 2021.
This shows an increase of N2.04tn within a period of three months.
In a release published on its website, DMO said: “The total public debt stock as at March 31, 2022, was N41.60 trillion or $100.07 billion.
“The amount represents the domestic and external debt stocks of the Federal Government of Nigeria, the thirty-six state governments and the Federal Capital Territory. The comparative figures for December 31, 2021, were N39.56tn or $95.78bn.”
It further disclosed that the total public debt stock includes new domestic borrowing by the federal government to partly finance the deficit in the 2022 Appropriation Act, the $1.25 billion Eurobond issued in March 2022 and disbursements by multilateral and bilateral lenders.
It added that there were also increases in the debt stock of the state governments and the FCT.
The DMO also said the total public debt to gross domestic product s now 23.27 per cent, which is below Nigeria’s self-imposed limit of 40 per cent.
