Every time the discussion of Nigeria’s national debt comes up, it’s just looked at as just another number, but it’s something every one should pay attention to.
According to the Debt Management Office (DMO), Nigeria’s debt has now risen to a total of N41 trillion as of March 2022. As at December 2021, the country’s debt was at N39.56 trillion.
With the country’s population at 206.1 million people, this is an average of around N199,000 per person.
The statement from the DMO reads,
“The total public debt stock as at March 31, 2022, was N41.60 trillion or $100.07 billion, 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 N39.56 trillion or $95.78 billion.”
Furthermore, the statement adds that the total public debt to GDP was now 23.27%. This is way below Nigeria’s self-imposed limit of 40%. However, it’s not all doom and gloom as according to the DMO, the country’s actual revenue has also grown. From N3.96 trillion in 2020 to N5.51 trillion recorded from January to November 2021, a 39.21% increase. Similarly, the share of non oil revenue grew from 61% in 2020 to 80% in 2021.
You can read the full statement from the DMO here