Meanwhile, Nigeria’s total debt as at December 31, 2021, rose to N39.556 trillion ($95.779 billion), from N32.915 trillion it was on December 31, 2020 ($86.392 billion).
The amount represents the total external and domestic Debts of the Federal Government of Nigeria (FGN), the 36 State Governments and the Federal Capital Territory (FCT) administration.
The Director-General, DMO, Patience Oniha, said the total debt includes new borrowings by the Federal Government and the sub-nationals.
She also said that the amount helped in financing the budget deficit, capital projects and support economic recovery.
Her words: “For the FGN, it would be recalled that the 2021 Appropriation and Supplementary Acts included total new borrowings (from domestic and external sources) of N5.489 trillion to partly finance the deficit.
“Borrowings for this purpose and disbursements by multilateral and bi-lateral creditors account for a significant portion of the increase in the debt stock. Increases were also recorded in the debt stock of the States and the FCT.
“The new borrowings were raised from diverse sources, primarily through the issuances of the Eurobonds, Sovereign Sukuk and FGN Bonds. These capital raisings.”