2022 Nigerian Economic Outlook: Performance will be Determined by the Implementation of 2022 Budget

How was the Budget Allocated?

How Did Government Fund its Budget?

Actual Revenue (Jan'21-Aug'21)

Debt Profile

Total debt: $92.62bn (Sep-21), ratio of 59:41 (domestic/external)

• Up by $6.23bn (7.2%) since Dec-21 ($4.6bn external, $1.63bn domestic)
• Debt/GDP ratio: 19.91% (Sept-21) vs 18% (Sept-20), borrowing limit is 40%
• Debt/exports ratio: 119.8% (Sept-21) vs 106.3% (Sept-20)

Debt Breakdown

Total debt up by $6.23bn in 2021

• External debt up by $4.6bn in 2021 (73.8% of new borrowings in the period)
• Domestic debt up by $1.62bn

Does Govt. Borrowing Crowd-out Private Investment?

• Credit to the private sector increased by 15.2% to N35.31trn
• While credit to the govt. grew marginally by 5.93% to N13.03trn

Other Economic Indicators

Nigeria's Trading Partners

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