Nigeria presently owes a total of N35.5 trillion according to the report published by the Debt Management Office (DMO) as of June 2021. Of this sum, N13.7 trillion is the total external debt and N21.8 trillion is the total domestic debt.
The total public debt for 2021 only covers the third quarter and does not include the total public debt for the fourth quarter of 2021.
Nigeria’s increasing debt profile is attributed to the huge recurrent expenditure, high cost of governance, budget deficits, increasing inflation rate, and fall in oil prices, which is the major revenue generator for the country.