ABUJA — Nigeria’s Total Public Debt which as of December 31, 2021, was N39.5 Trillion represents the total External and Domestic Debt of the Federal Government of Nigeria, 36 State Governments, and the Federal Capital Territory (FCT).
The Debt Management Office (DMO) in a statement indicates that the New Borrowings were raised from diverse sources, primarily through the issuances of the Eurobonds, Sovereign Sukuk, and FGN Bonds.
These capital raisings were utilized to finance capital projects and support economic recovery.
The Director-General of the DMO, Patience Oniha said the Government would incur an additional debt of N1 trillion to finance the subsidy of petroleum.
Oniha said the Federal Government was mindful of the relatively high Debt-to-Revenue Ratio and has initiated various measures to increase revenues through the Strategic Revenue Growth Initiative and the introduction of Finance Acts since 2019.
For the Federal Government, the 2021 Appropriation and Supplementary Acts included Total New Borrowings (from Domestic and External sources) of N5.4 trillion to part-finance the Deficit.
The comparable figure for December 31, 2020, was N32.9 Trillion.
The Public Debt Stock for December 31, 2021, includes New Borrowings by the FGN and the sub-nationals.
