The Debt Management Office (DMO) reported on Thursday that as the government increased borrowing to cover its budget deficit, Nigeria’s total public debt increased to 46.25 trillion naira ($103.1 billion) in 2022 from 39.56 trillion naira a year earlier.
According to the DMO, Nigeria’s debt-to-GDP ratio in 2022 was 23.2% as opposed to 22.47%, still under the nation’s 40% cap.
According to the head of the DMO, Patience Oniha, if parliament approves the central bank’s temporary advance to the government to be converted to bonds and new borrowings to cover the 2023 budget, Nigeria’s overall public debt could increase to 77 trillion naira this year.
