As of December 31, 2021, Nigeria’s total debt, comprising federal, states, and the Federal Capital Territory rose to N39.556 trillion.
Director-general of the Debt Management Office (DMO), Ms. Patience Oniha, made the disclosure on Thursday at a media briefing in Abuja.
Oniha said the trend was coming from the consecutive many years of borrowing.
The new figure results in the nation’s debt to gross domestic product (GDP) rising to 22.47 percent.
Nigeria’s debt service to revenue is 33.4 percent. She said the debt service to revenue was high because Nigeria was borrowing to augment the shortfall in revenues.
In justification for the rising debt stock, Oniha said: “debt is growing because we have huge infrastructure deficit and we have low revenue base.”
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