Nigeria’s total public debt rose to N39.56 trillion (US$95.78 billion) as of December 31, 2021, according to the statement released by the Debt Management Office (DMO).
This represents an increase of 20.17% from N32.92 trillion (US$86.39 billion) it stood at as of December 31, 2020.
According to the DMO statement, external debt is 40.08% or N15.86 trillion (US$38.39 billion) of the total debt, while domestic debt is 59.92% or N23.70 trillion (US$57.34 billion).
The Federal Government of Nigeria owes 35.10% or N13.88 trillion (US$33.62 billion) of the external debt and 48.65% or N19.24 trillion (US$46.59 billion) of the domestic debt.
States and FCT owe 4.98% or N1.97 trillion (US$4.77 billion) of the external debt and 11.27% or N4.46 trillion (US$10.80 billion) of the domestic debt.
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Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.