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Nigeria’s debt stock hits N46.2trn-DMO

Nigeria’s total debt stock now stands at forty-six point two trillion naira.

This is as at December 2022, the latest data released on Thursday by the Debt Management Office.

The figure is as against the N39.5 trillion recorded as at December 2021.

The Total Public Debt Stock consists of the Domestic and External Debt Stocks of the Federal Government of Nigeria and the thirty-six State Governments and the Federal Capital Territory

In terms of composition, Total Domestic Debt Stock was N27.5trillion, while Total External Debt Stock was N18.7trillion.

According to a statement by the DMO, amongst the reasons for the increase in the Total Public Debt Stock were new borrowings by the FGN and sub-national governments, primarily to fund Budget Deficits and execute projects as well as the issuance of Promissory Notes by the FGN to settle some liabilities.

Writing by Biodun Dare; Editing by Annabel Nwachukwu