Nigeria’s debt-to-GDP ratio up 23.3% as debt hits N41.6 trillion in Q1 2022

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Nigeria’s total outstanding debt rose to 41.6 trillion naira in the first quarter of 2022, up 23.3% or 2.05 trillion naira, from the 39.56 trillion naira recorded in the first quarter from last year.

Expressed in dollars, Nigeria’s outstanding debt rose to $100.1 billion.

Similarly, Nigeria’s debt-to-GDP ratio rose to 23.27% in the first quarter of the year from 22.47% in December 2022. Although this is below the self-imposed limit of 40% , the rate is accelerating faster, due to increased debt and sluggish economic growth.

This is contained in the quarterly public debt portfolio report, published by the Debt Management Office (DMO).

According to the agency, Nigeria’s total public debt stock includes new domestic borrowing by the federal government, which was used to partially fund the 2022 budget deficit. The debt stock also includes $1.25 billion. of Eurobonds issued in March 2022 and disbursements from multilateral and bilateral lenders.

Likewise, the outstanding debt of the various state governments and the federal capital has also increased.

A breakdown of outstanding debt, according to Narametrucs, shows the federal government’s domestic debt rose 3.99% in the first three months of the year to $48.45 billion, from 46, $59 billion recorded in December 2021.

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