Nigeria’s public debt rises to N46.25trn – DMO
Web image The Debt Management Office, on Thursday, revealed that Nigeria’s total public debt stock increased to N46.25 trillion or $103.11 billion in the fourth quarter of 2022. It stated that the new figure consists of the domestic and external total debt stocks of the federal government and the sub-national governments (36 state governments and the Federal Capital Territory) The latest figure was disclosed in a statement by the Debt Management Office on Thursday. According to DMO, the comparative figure of public debt as of December 31, 2021, was N39.56 trillion or $95.77 billion. This means that the country’s debt increased by N6.69trn or $7.34bn within one year. Stating reasons for the increase, the DMO said new Borrowings by the FGN and sub-national governments, primarily to fund Budget Deficits and execute projects and the issuance of promissory notes to settle some liabilities also contributed to the growth in the debt stock. It read in part, “As of December 31, 2022, the Total ...