Federal Govt, states, FCT debt rises to N39.556trn

Nigeria’s total debt, comprising federal, states and the Federal Capital Territory rose to N39.556 trillion as at December 31, 2021.

Director-general of the Debt Management Office (DMO), Ms Patience Oniha, made the disclosure on Thursday at a media briefing in Abuja.

Oniha said the trend was coming from the consecutive many years of borrowing.

The new figure results in the nation’s debt to gross domestic product (GDP) rising to 22.47 per cent.

Nigeria’s debt service to revenue is 33.4 per cent. She said the debt service to revenue was high because Nigeria was borrowing to augment for the shortfall in revenues.

In justification for the rising debt stock, Oniha said: “debt is growing because we have huge infrastructure deficit and we have low revenue base.”