As of December 2022, the Debt Management Organization (DMO) reported that Nigeria’s public debt profile stood at N46.25 trillion.
The DMO, which announced the statistic on Thursday, stated that it represented the total debt owed by the federal, state, and Federal Capital Territory administrations.
The debt situation at the end of December 2022 was approximately N6.69 trillion (22.47%) greater than the figure at the end of December 2021, which was N39.56 trillion.
The DMO reported that the reviewed debt level was 23,20% of the Gross Domestic Product (GDP), suggesting that it was well within the limits established by the federal government and international organisations.
It stated, “The ratio is within the 40% limit set by Nigeria, the 55% limit suggested by the World Bank/International Monetary Fund, and the 70% limit suggested by the Economic Community of West African States.”