Nigeria’s total debt rose to $103 billion in 2022 – DMO

ABUJA (Reuters) – Nigeria’s total public debt rose to 46.25 trillion naira ($103.1 billion) in 2022, from 39.56 trillion naira a year earlier, as the government ramped up borrowing to fund its budget deficit, the Debt Management Office (DMO) said on Thursday.

Nigeria’s debt-to-GDP ratio stood at 23.2% in 2022, compared with 22.47%, within the country’s self-imposed limit of 40%, the DMO said.

Nigeria’s total public debt could rise to 77 trillion naira this year, the head of the DMO, Patience Oniha, said in January, if parliament grants approval for a central bank temporary advance to government to be swapped to bonds coupled with new borrowings to fund the 2023 budget.

(Reporting by Chijioke Ohuocha; Editing by Jon Boyle and Bernadette Baum)