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Nigeria’s Public Debt Hits N46. 25 Trillion




Nigeria's Debt Servicing To Gulp 123% Of 2023 Revenue - Report

Data from the Debt Management Office (DMO), reveals that the nation’s public debt stood at N46. 25 trillion, as at the end of December 2022.

This is as the country’s debt position has risen by 22.4% higher than the year before.

Naija News reports that the DMO data which was released on Thursday indicates that the debt profile include that incurred by the federal and state governments, as well as, the Federal Capital Territory.

The document shows that the nation’s debt position as at December 2022 was about N6.69 trillion.

The increase according to the DMO translates to a 22.47% higher when compared to the end of December 2021 figure which was N39. 56 trillion.

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