The Debt Management Office has said that Nigeria’s total public debt stock rose to N41.60tn in the first quarter of 2022 from N39.56tn as of December 2021.
This shows a rise of N2.04tn within three months.
Public debt stock covers the total domestic and external debt of the Federal Government and state governments and the Federal Capital Territory.
This information was disclosed in a statement on Tuesday on the DMO’s website.
It read in part, “The total public debt stock as of March 31, 2022, was N41.60tn or $100.07bn, according to the Debt Management Office.
“The amount represents the domestic and external debt stocks of the Federal Government of Nigeria, the thirty-six state governments, and the Federal Capital Territory. The comparative figures for December 31, 2021, were N39.56tn or $95.78bn.”
Reacting, the Chief Executive Officer, Centre for the Promotion of Private Enterprise, Dr. Muda Yusuf, said the rising debt profile of the government raises serious sustainability concerns.
According to him, it is important to ensure that the debt is used strictly to fund capital projects, especially infrastructure projects, that will strengthen the productive capacity of the economy.
