The DMO said in a statement on its website on Tuesday that the newest data showed a three-month gain of N2.04 trillion.

According to the report, the public debt stock includes the entire domestic and external debt of the federal government, state governments, and the Federal Capital Territory.

The DMO also said that the overall public debt to GDP is presently 23.27 percent, which is lower than Nigeria’s self-imposed ceiling of 40%.

It read in part, “The total public debt stock as of March 31, 2022, was N41.60tn or $100.07bn, according to the Debt Management Office.

“The amount represents the domestic and external debt stocks of the Federal Government of Nigeria, the thirty-six state governments, and the Federal Capital Territory. The comparative figures for December 31, 2021, were N39.56tn or $95.78bn.”

The overall public debt stock, according to the DMO, comprises additional domestic borrowing by the FGN to partially cover the deficit in the 2022 Appropriation Act, a $1.25 billion Eurobond issued in March 2022, and disbursements from multilateral and bilateral lenders.

According to the debt office, the debt stock of state governments and the FCT has also increased.