Nigeria’s knack for going about cap in hands to seek loans within and outside the country has seen her debt profile rise rapidly.
The country’s debt profile which increased by over ₦7 trillion in 2022, stands at ₦46.25trn and it does not look like the increment will head south any time soon
The debt management office (DMO) on Thursday revealed that Nigeria’s debt profile as of December 31, 2022 now stands at ₦46.25trn.
“Total Public Debt Stock consisting of the Domestic and External Debt Stocks of the Federal Government of Nigeria (FGN), including the 36 State Governments and the Federal Capital Territory was ₦46.25 trillion or $103.1bn”.
It stated that the reasons for the increase in the Total Public Debt Stock were new borrowings by the Federal Government and sub-national governments.
The loans were primarily, to fund budget deficits and execute projects.
