The Federal government has kicked off its plans to increase Nigeria’s debt stock to N46.63tn trillion by end of 2022.
Over the weekend, the Debt Management Office (DMO) announced that Nigeria has incurred an additional N950 billion from the domestic debt market in the first three months of 2022.
Patience Oniha, the Director-General of the DMO made this disclosure in a document published on the debt office website.
She also noted that the Federal Government was considering all options to raise funds externally.
She said, “All options for raising funds externally are being considered. These include funding from multilateral and bilateral sources, the International Capital Markets and the $3.35billion Special Drawing Rights allocated by the International Monetary Fund to the Central Bank of Nigeria.”
“The Federal Government still plans to borrow an additional N1.6 trillion, while the 2022 debt target for domestic borrowing is N2.57 trillion.
“There is also a plan to borrow N2.57tn from foreign creditors, while N1.16tn is expected from multilateral/bilateral drawdowns.
“In total, the Federal Government plans to add N6.3 trillion new debts to the current debt stock, which would push the country’s total debt stock to N45.86tn by December 2022,” she added.
The Federal Government, in the National Development Plan 2021-2025, hopes to push the total debt stock to N46.63tn for 2022.
Figures from the document showed that the government targets N39.59tn debt stock for 2021, N46.63tn for 2022, N50.22tn for 2023, N50.53tn for 2024, and N45.96tn by 2025.