The Debt Management Office (DMO) has said the country’s total public debt as of December 31st, 2020, stood at N32.9 trillion.
The DMO made this known in a report released on Tuesday.
According to the office, the figures include the debt stock of the federal and state governments, as well as the Federal Capital Territory (FCT).
“After Nigeria exited recession in 2017, the level of New Borrowing at the Federal Level as shown in the Annual Appropriation Acts, had been declining as part of the Government’s measures to moderate the rate of Growth in the Public Debt Stock in order to ensure debt sustainability.
“New Borrowing to part-finance Budget Deficits had declined steadily from N2.36 Trillion in 2017 to N2.01 Trillion in 2018, N1.61 Trillion in 2019 and N1.59 Trillion in the first 2020 Appropriation Act,” the report stated.
Despite the continuous rise in debt, the DMO assured that the 21.61 per cent, which the country is at currently, was within the borrowing benchmark of 40 per cent.
It, however, stated that the Federal Government has adopted initiatives to ramp up the country’s revenues.
“Total Public Debt to Gross Domestic Product as at December 31, 2020 was 21.61% which is within Nigeria’s new Limit of 40%. The various initiatives of Government to increase revenues such as the Strategic Revenue Growth Initiative and the Finance Act, 2020, should help shore up Government’s revenue and reduce the Debt Service to Revenue Ratio,” it said.