The Debt Management Office said on Tuesday that Nigeria’s total public debt stock increased to N41.60tn in the first quarter of 2022 from N39.56tn as of December 2021.
This shows an increase of N2.04tn within a period of three months.
The public debt stock covers the total domestic and external debt of the Federal Government and state governments and the Federal Capital Territory.
This was disclosed in a statement on Tuesday on the DMO’s website.
It read in part, “The total public debt stock as at March 31, 2022, was N41.60tn or $100.07bn, according to the Debt Management Office.
“The amount represents the domestic and external debt stocks of the Federal Government of Nigeria, the thirty-six state governments and the Federal Capital Territory. The comparative figures for December 31, 2021, were N39.56tn or $95.78bn.”
According to the DMO, the total public debt stock includes new domestic borrowing by the FGN to partly finance the deficit in the 2022 Appropriation Act, the $1.25bn Eurobond issued in March 2022 and disbursements by multilateral and bilateral lenders.
It added that there were also increases in the debt stock of the state governments and the FCT.
The DMO also said the total public debt to GDP is now 23.27 per cent, which is below Nigeria’s self-imposed limit of 40 per cent.
Reacting, the Chief Executive Officer, Centre for the Promotion of Private Enterprise, Dr. Muda Yusuf, said the rising debt profile of government raises serious sustainability concerns.