Each citizen now owes N200,000, as Nigeria takes fresh N2.04tn loan in Q1’2022

The Debt Management Office (DMO) has revealed that Nigeria in the first three months of 2022 borrowed N2.04 trillion.

It stated this in a statement published on its website on Tuesday evening.

According to DMO, Nigeria’s total public debt stock now stands at N41.60 trillion in the first quarter of 2022 from N39.56 trillion as of December 2021.

The public debt stock covers the total domestic and external debt of the Federal Government and state governments and the Federal Capital Territory.

Nigeria’s ballooning public debt now means each citizen owes N200,966 as their share of the country’s debt when shared by 207 million.

The statement read in part, “The total public debt stock as at 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.”

Read also: Each Nigerian now owes N192,000, increasing from N45,000 10 years ago

According to the DMO, the total public debt stock includes new domestic borrowing by the FGN to partly finance the deficit in the 2022 Appropriation Act, the $1.25bn Eurobond issued in March 2022 and disbursements by multilateral and bilateral lenders.

It added that there were also increases in the debt stock of the state governments and the FCT.

The DMO also said the total public debt to GDP is now 23.27 per cent, which is below Nigeria’s self-imposed limit of 40 per cent.

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