Nigeria’s debt set to peak at N45tn in 2022

The total debt stock of Nigeria is likely to reach N45tn as the Debt Management Office plans to borrow an additional N6.39tn to finance the 2022 budget deficit.

This was contained in a DMO document obtained by the News Agency of Nigeria on Friday in Abuja.

In the document, the Director-General, DMO, Patience Oniha, explained that the overall deficit in the 2022 budget was N6.30tn, representing 3.46 per cent of the country’s Gross Domestic Product.

NAN recalled that the DMO had earlier revealed that the country’s total debt stock as of December 2021 was N39.55tn.

Oniha said that the budget deficit was to be financed mainly by borrowings from both domestic and foreign sources, as well as privatisation proceeds.

“N2.57tn will come from domestic sources, N2.57tn from foreign sources, N1.16tn from multilateral and bilateral loan drawdowns and N90.7bn from privatisation proceeds,’’ she said.

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