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By the end of 2020, the Total Public Debt held in Nigeria was at N32.915 Trillion – DMO.
Nigeria’s Debt to GDP ratio as of December 31 2020 was 21.61%, with a Total Public Debt of N32.915 Trillion the Department of Debt Management, DMO announced.
The stated ratio is below Nigeria’s limit of 40% and the IMF’s threshold of 55%.
The New Borrowing to fund finance Budget Deficits was in decline since 2017. However, the pandemic hit in 2020 causing a reversal.
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In the revised 2020 Appropriation Act, New Borrowing stood at N4.20 Trillion influenced by the economic and social impact of the COVID-19 Pandemic.
The N32.915 Trillion include the Debt Stock of the Federal and State Governments, as well as, the Federal Capital Territory.
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The Government’s measures to moderate the rate of Growth in the Public Debt Stock and to ensure sustainability was seen in the declining level of New Borrowing at the Federal Level.
New Borrowings were concessional loans from the International Monetary Fund, IMF ($3.34bn) and other multilateral and bilateral lenders the DMO stated.
Nigeria had fallen into a recession at the end of 2020 and by the first quarter of 2021, it came out with a GDP growth of 0.11%. The DMO further stated that “FGN’s actions eventually took us out of recession”.
