ACCORDING TO THE DEBT MANAGEMENT OFFICE, NIGERIA’S PUBLIC DEBT STOCK STOOD AT NGN46.25TN (US$103.1 BILLION) AS OF DECEMBER 31, 2022; WHEN THE NGN22.7TN TO BE SECURITIZED IS INCLUDED, TOTAL PUBLIC DEBT CLIMBS TO NGN77.8TN. NIGERIA’S EXTERNAL DEBT HAS CONTINUED TO CLIMB, DESPITE SHRINKING REVENUES. EXTERNAL LOANS HAVE NEARLY QUADRUPLED IN THE LAST FIVE YEARS, INCREASING FROM US$25.7 BILLION AT THE END OF 2018 TO US $46 BILLION AT THE END OF 2022, WITH DEBT SERVICING CONSUMING ABOUT 96.3% OF NIGERIA’S EARNINGS ACCORDING TO THE WORLD BANK. NIGERIA’S DEBT-TO-SERVICE RATIO HAS BEEN ON THE RISE IN RECENT YEARS AMIDST NIGERIA’S DWINDLING REVENUES. NIGERIA’S DEBT SERVICE TO REVENUE RATIO WAS REPORTED TO BE 80.7% IN 2022 ACCORDING TO THE MINISTER OF FINANCE