FG’s debt servicing gulps N2.05trn in 2021, says DMO, total borrowing stands at N41.026trn

Nigeria spent N2.05trillion on debt servicing payments in 2021, data obtained from the Debt Management Office (DMO) have shown.

Meanwhile, the DMO revealed that Nigeria’s total public debt stock, comprising the Federal Government, Federal Capital Territory (FCT), states and local governments stood at N39.556 trillion as at December 31, 2021.

In addition, the DMO disclosed that the Federal Government has so far borrowed about N950 billion from domestic sources to finance the N6.39 trillion deficit in the 2022 budget

When the fresh Eurobond issued by the country is added to its debt position as of December 31, 2021 and the N950 billion it had borrowed from the domestic market in 2022, the country’s total public debt currently stands at N41.026 trillion.

According to the DMO, proceeds of the Eurobond would be used to finance critical capital projects in the 2022 budget to bridge infrastructure deficit in and strengthen economic recovery.