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Nigeria's entire public debt stock rose by N6.69 trillion, or $103.11 billion, from N39.56 trillion in December 2021 to N46.25 trillion in December 2022.
The number represents the domestic and foreign debt stocks of the federal government, 36 state governments, and the federal capital territory, according to a statement released by the Debt Management Office on Thursday.
According to a breakdown of the amount, the total amount of domestic debt, or debt released on the domestic market, was N27.55 trillion. The amount of debt that was issued on the foreign market, or external debt, was N18.70 trillion.
According to the DMO, new borrowing by the FG and state governments, mainly to cover budget deficits and carry out projects, is related to the rise in the total public debt stock.
It revealed that the debt-to-GDP ratio for December 31, 2022, which had been 22.47 percent in 2021, had increased to 23 percent.
DMO added that the nation is still under its own 40% threshold, which is lower than the suggested threshold of 55% set by the World Bank International Monetary Bank.
"As of December 31, 2022, the Total Public Debt Stock was N46.25 trillion or USD103.11 billion," the DMO statement read in part.
"Total domestic debt stock was N27.55 trillion (USD 61.42 billion), and total external debt stock was N18.70 trillion (USD 41.69 billion)," according to the structure.
