Nigeria’s debt set to hit N45trn as plan to borrow additional N6.39trn emerges

From Ogundele Olanrewaju

The total debt stock of Nigeria is likely to reach N45 trillion as the Debt Management Office (DMO) plans to borrow an additional N6.39 trillion to finance the 2022 budget deficit.

This is according to a DMO document obtained by NAN on Friday in Abuja.

In the document, Patience Oniha, Director-General of the DMO, explained that the overall deficit in the 2022 budget was N6.30trillion, representing 3.46 per cent of the country’s Gross Domestic Product (GDP).

It can be recalled that the DMO had earlier revealed that the country’s total debt stock as of December 2021 was N39.55 trillion.

Oniha said that the budget deficit was to be financed mainly by borrowings from both domestic and foreign sources, as well as privatisation proceeds.

“N2.57 trillion will come from domestic sources, N2.57 trillion from foreign sources, N1.16trillion from multilateral and bilateral loan drawdowns and N90.7billion from privatisation proceeds,’’ she said.