The Debt Management Office, DMO, has disclosed that Nigeria’s total debt profile risen to N41.60 trillion as at March, 2022.
The Director-General, DMO, Patience Oniha made the disclosure during her appearance at the ongoing engagement on the 2023 – 2025 Medium Term Expenditure Framework, MTEF, and Fiscal Policy Paper held by the House of Representatives Committee on Finance yesterday.
She attributed Nigeria’s high debt profile to shortfall in revenues and the deficit in the annual budget as approved by the National Assembly. These, according to her, increased the debt stock of the country.
She revealed that, “as at December 2020, the debt stock of Nigeria and that includes the federal, state governments and the Federal Capital Territory was N32.92 trillion. By December 2021, it was N39.556 trillion. As at March of this year, we published quarterly, it was N41.6 trillion. On the average, the federal government is owing about 85 percent of the total debt.