Nigeria's Debt Crisis Deepens With 183% Debt Service To Revenue Ratio

Nigeria’s External Debt Is Now ₦49.85trn, Up From ₦46trn

11 months ago
1 min read

The Debt Management Office says Nigeria’s total foreign debt for the period ending March 31st, 2023, stands at ₦49.85 trillion ($108.30 billion) from ₦46.25 trillion as of December 21st 2022.

This was revealed in a statement shared on its Twitter handle on Friday evening.

According to the statement, the total public debt including both external and domestic debts of the federal government, the 36 states and the Federal Capital Territory is now ₦49.85 trillion.

The debt office further said that the recently securitised Ways and Means loans of ₦22.719 trillion will be included as Federal Government domestic debt from June 2023.

“Comparatively, the total public debt stock for the preceding period, December 31, 2022, stood at ₦46.25 ($103.31 billion). During the period, there was an increase in the debt stock of the Federal Government, states, and FCT.

READ ALSO: Fear Of Nigeria Losing Infrastructure To China Over Debt Forces DMO To React

“The Public Debt Stock for March 2023 does not include the FGN’s ₦22.719 trillion Ways and Means Advances of the Central Bank of Nigeria, whose securitization was approved by the National Assembly in May 2023. The amount will be included in the FGN’s Domestic Debt Stock from June 2023,” the statement explained.


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