Nigeria: Government debt

* indicates monthly or quarterly data series

Government debt as percent of GDP

 Latest value 22.85
 Year 2022
 Measure percent
 Data availability 2004 - 2022
 Average 18.51
 Min - Max 9.4 - 53.6
 Source Debt Management Office Nigeria
For that indicator, we provide data for Nigeria from 2004 to 2022. The average value for Nigeria during that period was 18.51 percent with a minimum of 9.4 percent in 2010 and a maximum of 53.6 percent in 2004. The latest value from 2022 is 22.85 percent. For comparison, the world average in 2022 based on 146 countries is 62.03 percent. See the global rankings for that indicator or use the country comparator to compare trends over time.
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* indicates monthly or quarterly data series

Recent values chart
Nigeria - Government debt - recent values

Historical chart
Nigeria - Government debt - historical chart - 2004-2022

The government debt in Nigeria and other countries is calculated as the total amount owed by the national government to domestic and international lenders. It is reported as percent of GDP so that we can evaluate its magnitude relative to the size of the economy.

Government debt of about 60 percent or less of GDP is not considered a problem. The government can make payments without strain and even has some room to borrow more. If debt levels reach 80-90 percent that may have negative effects on the economy. Debt above 120 percent of GDP is quite detrimental.
Definition: Debt is the entire stock of direct government fixed-term contractual obligations to others outstanding on a particular date. It includes domestic and foreign liabilities such as currency and money deposits, securities other than shares, and loans. It is the gross amount of government liabilities reduced by the amount of equity and financial derivatives held by the government. Because debt is a stock rather than a flow, it is measured as of a given date, usually the last day of the fiscal year.

 Related indicators Latest value Reference Measure
 Fiscal balance, percent of GDP -4.90 2022 percent
 Government debt 22.85 2022 percent
 Government expenditure 2,316.32 Q3/2022 billion
 Commercial tax rate 34.80 2019 percent
 Tax preparation time 343 2019 hours
 Number of taxes 48 2019 taxes
 Foreign aid 3,357.19 2021 million U.S. dollars
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