The amount of debt Nigeria has accumulated has risen by 4.76 trillion naira in 2016.

The DMO disclosed this in its 2016 Annual Report and Statement of Accounts released on Wednesday.

According to the office, Nigeria’s debt as of December 2016 stood at 17.36 trillion naira, up from 12.6 trillion naira a year earlier.

This reflects an increase of 4.76 trillion or 37.74% within a period of one year.

The significant increase, according to the DMO, is mainly due to money borrowed within Nigeria through government bonds and other securities to fund the 2016 budget deficit.

The DMO explained that the increase in borrowing could be looked at from the deficits contained in both the 2015 and 2016 budgets in relation to the Gross Domestic Product, GDP.

Thus, the deficit reflects 2.14% of the GDP, while that of 2015 reflected 1.09%.

“The total public debt outstanding as of end of December 2016 was 17.36 trillion naira compared to 12.6 trillion naira as of the end of December 2015.

“The domestic stock has continued to form a larger part of the total public debt stock since 2012. The bulk of the stock of external debt continued to be in the long-term category,” the report stated.