The Debt Management Office (DMO) has said that Nigeria’s total public debt rose to N46.25 trillion in 2022, from 39.56 trillion naira a year earlier, as the government ramped up borrowing to fund its budget deficit.
Nigeria’s debt-to-GDP ratio stood at 23.2% in 2022, compared with 22.47%, within the country’s self-imposed limit of 40%, the DMO said on Thursday.
The head of the DMO, Patience Oniha, said in January, Nigeria’s total public debt could rise to N77 trillion this year (2023), if parliament grants approval for a central bank temporary advance to government to be swapped to bonds coupled with new borrowings to fund the 2023 budget.