Nigeria’s total public debt stock increased to N46.25 trillion or $103.11 billion as of December 2022, the Debt Management Office (DMO) disclosed on Thursday.

According to the DMO, the new figure is made up of the domestic and external total debt stocks of the Federal Government and the sub-national governments (36 state governments and the FCT.

The DMO on Thursday stated that the comparative figure of public debt as of December 31, 2021, was N39.56 trillion or $95.77 billion.

This means that the country’s debt increased by N6.69trn within one year. The DMO statement partly read, “As of December 31, 2022, the Total Public Debt Stock was N46.25 trillion.

“In terms of composition, total Domestic Debt Stock was N27.55 trillion while Total External Debt Stock was N18.70 trillion.

Amongst the reasons for the increase in the total public debt stock were new borrowings by the FGN and sub-national governments, primarily to fund budget deficits and projects.