Nigeria’s total public debt stock rose to N46.25 trillion or $103.11 billion at the end of December 2022.

This is according to a statement issued on Thursday by the Debt Management Office (DMO) in Abuja.

The figure consists of the domestic and external debt stocks of the Federal Government, 36 state governments, and the Federal Capital Territory

The figure reflects a 14.46 per cent increase when compared to N39.56 trillion (USD95.77 billion) recorded on 31 December, 2021.

In terms of composition, the DMO said total domestic debt stock was N27.55 trillion (USD 61.42 billion) while total external debt stock was N18.70 trillion (USD 41.69 billion).

Among 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.

The office said the issuance of promissory notes by the FGN to settle some liabilities also contributed to the growth in the debt stock.

To sustain the debt, the DMO said there are ongoing efforts by the government to increase revenues from oil and non-oil sources.

These efforts, it said, will be driven through initiatives such as the finance acts and the strategic revenue mobilisation initiative that are expected to support debt sustainability.

“Meanwhile, the Total Public Debt to Gross Domestic Product (GDP) ratio for December 31, 2022, was 23.20% and indicates a slight increase from the figure for December 31, 2022, at 22.47 percent.

“The ratio of 23.20 percent is within the 40 percent limit self-imposed by Nigeria, the 55 percent limit recommended by the World Bank/International Monetary Fund, and, the 70 percent limit recommended by the Economic Community of West African States”, it said.