The Debt Management Office has announced that Nigeria’s total public debt stock increased to N46.25tn or $103.11bn in the fourth quarter of 2022.

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As of September 2022, Nigeria’s debt figure was N44.06tn. The DMO said the new figure consists of the domestic and external total debt stocks of the Federal Government and the sub-national governments (36 state governments and the Federal Capital Territory).

The comparative figure of public debt as of December 31, 2021, was N39.56tn or $95.77bn. This means that the country’s debt increased by N6.69trn or $7.34bn within one year.

The DMO said new borrowings by the FGN and sub-national governments, primarily to fund budget deficits and execute projects and the issuance of promissory notes to settle some liabilities also contributed to the growth in the debt stock.

In a debt profile breakdown, the commercial hub of the nation, Lagos, tops the states with the highest debt profile recording a total of N807.21 billion in Q4 2022, while Delta came in second with N304.25 billion and Ogun with N270.45 billion.

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Jigawa recorded the lowest debt with N43.95 billion followed by Kebbi and Katsina with N61.31 billion and N62.37 billion respectively.

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