SH0CKING (DEBT): See How Much Nigeria Borrowed In 2021 | READ IN FULL

This was made known by Patience Oniha, the Director General, DMO, on Thursday, March 17, 2022 during a press briefing in Abuja.

According to the DG, the amount represents the total external and domestic debts of the Federal Government of Nigeria, and the 36 states of the Federation including the FCT.

Oniha also added that the public debt stock includes new borrowings by the Federal Government and the Sub-Nationals.

"Nigeria's total public debt as at December 31, 2021, was N39.56tn or $95.78bn. The amount represents the total external and domestic debts of the Federal Government of Nigeria, 36 state governments and the federal capital territory.

"The comparable figure for December 31, 2020, was N32.92tn or $86.39bn. The public debt stock for December 31, 2021, includes new borrowings by the FGN and the sub-nationals. For the FGN, it would be recalled that the 2021 appropriation and supplementary acts, included total new borrowings (from domestic and external sources) of N5.49tn to part-finance the deficit.

"Borrowings for this purpose and disbursements by the multilateral and bilateral creditors account for a significant portion of the increase in the debt stock. Increases were also recorded in the debt stock of the states and the FCT."

"The new borrowings were raised from diverse sources, primarily through the issuances of the Eurobonds, sovereign Sukuk, and the FGN bonds. These capital raisings were utilized to finance capital projects and support economic recovery.

"With the total public debt stock to GDP as at December 31, 2021, of 22.47 per cent, the debt-to-GDP ratio still remains within Nigeria's self-imposed limit of 40 per cent. This ratio is prudent when compared to the 55 per cent limit advised by the World Bank and the International Monetary Fund for countries in Nigeria's peer group, as well as, the ECOWAS convergence ratio of 70 per cent" the DMO's DG stated.