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Nigeria’s Debt Profile Increased by N3.6trn in Three Months, Hitting N49.85trn



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The Debt Management Office (DMO) says Nigeria’s total public debt, for federal and state governments hit N49.85 trillion at the end of the first quarter (Q1) of 2023.

The figure represents an increase of N3.60 trillion compared to N46.25 trillion recorded at the end of December 2022. In a statement issued on Friday, June 23, 2023, DMO said the debt excludes the N22.71 trillion ways and means advances of the Central Bank of Nigeria (CBN).

“As of March 31, 2023, the total public debt stock comprising the external and domestic debts of the federal government of Nigeria (FGN), the thirty-six (36) States, and the Federal Capital Territory (FCT) was N49.85 trillion (USD 108.30 billion).

Comparatively, the total public debt stock for the preceding period, December 31, 2022, stood at N46.25 trillion (USD 103.31 billion). During the period, there were increases in the debt stock of the FGN, States, and the FCT.

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