Nigeria’s public debt as at the end end of December 2022, hit N46. 25 trillion.
The Debt Management Office made this known in its latest data released on Thursday on its website. The figure accounted for the total debt owed by the federal and state governments as well as the Federal Capital Territory.
The latest debt position is marked by an increase of about N6.69 trillion (22.47%) higher than it was at the end of December 2021 figure which was N39. 56 trillion.
DMO explained that the spike in the nation’s debt profile was because of new borrowings by the federal government, and sub-national governments, primarily to fund budget deficits and to execute projects.
The DMO said that the debt figure under review was 23.20% of the Gross Domestic Product, indicating that it was well within the limits set by both the federal government and international organisations.
“The ratio of 23.20% is within the 40% limit self-imposed by Nigeria, the 55% limit recommended by the World Bank/International Monetary Fund, and, the 70% limit recommended by the Economic Community of West African States.”