Nigeria’s public debt profile as at the end of December 2022, stands at N46.25 trillion, according to the Debt Management Office.
The Debt Management Office (DMO) stated this in Abuja on Thursday.
The DMO said the total public debt stock of the country consisted of the domestic and external debts of the Federal Government of Nigeria, FGN, and the sub-national governments.
The report also revealed that Nigeria’s financial obligation as at December 2022 was about N6.69 trillion (22.47%) higher when compared to the end December 2021 figure which was N39. 56 trillion.
“Among the reasons for the increase in total public stock 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 stated.
The DMO also noted 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.