Nigeria’s Public Debt Increases
DMO Director-general, Ms. Patience Oniha, who disclosed this at a media briefing in Abuja, on Thursday, March 17, 2020, said the debt comprising federal, states, and the Federal Capital Territory stood at N39. 556 trillion ($95.770 billion) as at December 31, 2021.
Oniha said Nigeria’s debt service to revenue is 33.4 percent, noting that 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.
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.”
This comes three months after President Buhari increased Nigeria’s public debt stock by N2.5 trillion in three months to N38.005 trillion as of the end of the third quarter (Q3) of 2021.