Nigeria’s public debt exceeds N46trn

The DMO, which released the figure on Thursday noted that it e accounted for the total debt owed by the federal and state governments, as well as, the Federal Capital Territory.

The DMO said that the debt figure under review was 23.20% of the Gross Domestic Product (GDP), indicating that it was well within the limits set by both the federal government and international orhganisations.

It said, “The ratio of 23.20% is within the 40% limit self-imposed by Nigeria, the 55% limit recommended by the World Bank/International Monetary Fund, and, the 70% limit recommended by the Economic Community of West African States.”