Nigeria’s total public debt stock as at Dec.31, 2022 now stands at N46.25 trillion ($103.11 bn), according to a statement issued by the Debt Management Office (DMO) in Abuja, Thursday.

The DMO said the debt stock consists of domestic and external debts of the Federal Government of Nigeria (FGN) and the sub-national governments.

The sub-national are the 36 state governments and the Federal Capital Territory (FCT).

The News Agency of Nigeria (NAN) reports that the comparative debt stock as at December 31st, 2021, was N39.59 trillion ($95.77 bn)

The DMO said in terms of composition, total domestic debt stock stood at N27.55 trillion ($61.42 bn), while total external debt stock was N18.70 trillion ($41.69 bn).

“Among the reasons for the increase in public debt were new borrowings by the Federal Government and sub-national governments, primarily to finance budget deficits and execute projects.

“The issuance of promissory notes by the Federal Government to settle some liabilities also contributed to growth in the debt stock,’’ the office said.

It, however, said that on-going efforts by the Federal Government to increase revenue from oil and non-oil sources through initiatives like the Finance Acts and the Strategic Revenue Mobilisation Initiative are expected support debt sustainability.

“Meanwhile, the total debt-to- Gross Domestic Product (GDP) ratio for Dec. 31, 2022 was 23.20 per cent. 

“It indicates a slight increase from the figure of Dec. 31, 2021 at 22.47 per cent.

“The ratio of 23.20 per cent is within the 40 per cent limit self-imposed by Nigeria and the 55 per cent limit recommend by World Bank/International Monetary Fund (IMF).

“It is also within the 70 per cent limit recommend by the Economic Community of West African States (ECOWAS),’’ it said.

NAN reports that the total public debt stock as released by DMO excludes the N22 trillion Federal Government’s indebtedness to the Central Bank of Nigeria (CBN), through Ways and Means advances.

The Ways and Means advances are presently awaiting securitisation by the National Assembly, and can only be added to the country’s public debt after such securitisation.