{
  "title": "Debt-to-GDP against borrowing limits",
  "description": "Line chart of Nigeria's public debt as a percentage of GDP, against the country-specific and international borrowing thresholds. The same figures are in the table below.",
  "unit": "% of GDP",
  "source": "2020–2025 · Centre for Inclusive Social Development",
  "notes": [
    "The country-specific threshold recorded in the source moves both up and down over this period. A self-imposed borrowing limit does not behave that way, so treat that line as indicative until the series is confirmed.",
    "The ratio falls 17.0 percentage points between Q4 2024 and Q1 2025 while total debt rose. That implies a change in the GDP denominator rather than a reduction in debt.",
    "The ratio exceeds the recorded country-specific threshold in 10 of 21 quarters shown."
  ],
  "retrieved": "2026-10-03T01:07:31+00:00",
  "page": "https://cisdnigeria.org/debt-campaign/data/#debt-to-gdp-against-borrowing-limits",
  "publisher": "Centre for Inclusive Social Development",
  "series": [
    "Debt-to-GDP",
    "Country-specific limit",
    "International reference"
  ],
  "data": [
    {
      "period": "Q1 2020",
      "Debt-to-GDP": "20.03",
      "Country-specific limit": "25.00",
      "International reference": "56.00"
    },
    {
      "period": "Q2 2020",
      "Debt-to-GDP": "22.23",
      "Country-specific limit": "25.00",
      "International reference": "56.00"
    },
    {
      "period": "Q3 2020",
      "Debt-to-GDP": "23.10",
      "Country-specific limit": "25.00",
      "International reference": "56.00"
    },
    {
      "period": "Q1 2021",
      "Debt-to-GDP": "23.20",
      "Country-specific limit": "25.00",
      "International reference": "56.00"
    },
    {
      "period": "Q2 2021",
      "Debt-to-GDP": "24.85",
      "Country-specific limit": "25.00",
      "International reference": "56.00"
    },
    {
      "period": "Q3 2021",
      "Debt-to-GDP": "26.66",
      "Country-specific limit": "25.00",
      "International reference": "56.00"
    },
    {
      "period": "Q4 2021",
      "Debt-to-GDP": "27.72",
      "Country-specific limit": "25.00",
      "International reference": "56.00"
    },
    {
      "period": "Q1 2022",
      "Debt-to-GDP": "22.56",
      "Country-specific limit": "25.00",
      "International reference": "56.00"
    },
    {
      "period": "Q2 2022",
      "Debt-to-GDP": "23.24",
      "Country-specific limit": "25.00",
      "International reference": "56.00"
    },
    {
      "period": "Q4 2022",
      "Debt-to-GDP": "23.20",
      "Country-specific limit": "25.00",
      "International reference": "56.00"
    },
    {
      "period": "Q1 2023",
      "Debt-to-GDP": "25.01",
      "Country-specific limit": "25.00",
      "International reference": "56.00"
    },
    {
      "period": "Q2 2023",
      "Debt-to-GDP": "43.84",
      "Country-specific limit": "40.00",
      "International reference": "56.00"
    },
    {
      "period": "Q3 2023",
      "Debt-to-GDP": "44.10",
      "Country-specific limit": "25.00",
      "International reference": "56.00"
    },
    {
      "period": "Q4 2023",
      "Debt-to-GDP": "48.83",
      "Country-specific limit": "40.00",
      "International reference": "56.00"
    },
    {
      "period": "Q1 2024",
      "Debt-to-GDP": "52.92",
      "Country-specific limit": "25.00",
      "International reference": "56.00"
    },
    {
      "period": "Q2 2024",
      "Debt-to-GDP": "58.41",
      "Country-specific limit": "40.00",
      "International reference": "56.00"
    },
    {
      "period": "Q3 2024",
      "Debt-to-GDP": "61.90",
      "Country-specific limit": "40.00",
      "International reference": "56.00"
    },
    {
      "period": "Q4 2024",
      "Debt-to-GDP": "61.22",
      "Country-specific limit": "40.00",
      "International reference": "56.00"
    },
    {
      "period": "Q1 2025",
      "Debt-to-GDP": "44.19",
      "Country-specific limit": "60.00",
      "International reference": "56.00"
    },
    {
      "period": "Q2 2025",
      "Debt-to-GDP": "45.08",
      "Country-specific limit": "60.00",
      "International reference": "56.00"
    },
    {
      "period": "Q3 2025",
      "Debt-to-GDP": "38.57",
      "Country-specific limit": "40.00",
      "International reference": "56.00"
    }
  ]
}