On Thursday, the Debt Management Office disclosed that the entire public debt stock in Nigeria rose to N46.25 trillion ($103.11 billion) in the fourth quarter of 2022.

According to the report, the revised figure includes both the federal government’s and the sub-national governments’ total domestic and foreign debt holdings (36 state governments and the Federal Capital Territory)

The Debt Management Office released the most recent number on Thursday in a statement. In comparison, the national debt was N39.56 trillion ($95.77 billion) as of December 31, 2021, according to DMO.

This indicates that in a single year, the nation’s debt rose by N6.69 trillion, or $7.34 billion.

The FGN and sub-national governments’ new borrowings, which were mostly used to pay budget deficits and carry out projects, as well as the issuing of promissory notes to satisfy some liabilities, according to the DMO, were factors in the increase.

“As of December 31, 2022, the Total Public Debt Stock was N46.25 trillion or USD103.11 billion,” it stated in part.

“In terms of composition, total Domestic Debt Stock was N27.55 trillion (USD 61.42 billion) while Total External Debt Stock was N18.70 trillion (USD 41.69 billion).

“Amongst the reasons for the increase in the total public debt stock were new borrowings by the FGN and sub-national governments, primarily to fund budget deficits and execute projects. The issuance of promissory notes by the FGN to settle some liabilities also contributed to the growth in the debt stock.

“On-going efforts by the Government to increase revenues from oil and non-oil sources through initiatives such as the Finance Acts and the Strategic Revenue Mobilization initiative are expected to support debt sustainability.”

The DMO went on to say that the debt figure under evaluation was 23.20% of GDP, showing that it was well within the federal government’s and international organizations’ guidelines.

“The total public debt to gross domestic product (GDP) ratio for December 31, 2022, was 23.20 percent and indicates a slight increase from the figure for December 31, 2022, at 22.47 percent.

The ratio of 23.20% “is within the 40% limit that Nigeria self-imposed, the 55 percent limit that the World Bank/International Monetary Fund proposed, and the 70% limit that the Economic Community of West African States suggested.”