Nigeria's Public Debt N97.34 Trillion — DMO
According to DMO, Nigeria's public debt was N97.34 trillion in the fourth quarter of 2023.
The Debt Management Office, or DMO, has reported that as of the fourth quarter of 2023, Nigeria's federal debt has increased to N97.34 trillion ($108 billion).
This was announced by DMO in a statement on Friday, March 22.
One method by which nations obtain additional funding for economic development is through public debt. In this manner, a nation can carry out more ambitious initiatives that support its development.
The statement said, in part, “Nigeria's public debt stock as at December 31, 2023 was N97.34 trillion or $108.229 billion.”
“This amount comprises the domestic and external debt stocks of the Federal Government of Nigeria, the 36 states governments and the Federal Capital Territory.”
According to the document, this sum represents a considerable increase from the N89.43 trillion that was recorded in September 2023.
DMO claims that the government's increased domestic borrowing to partially finance the deficit in the 2024 Appropriations Act and the payments made by bilateral and multilateral lenders were the main causes of the increase.
It stated that the total amount of domestic debt, at N59.12 trillion, accounted for 61% of the total stock of public debt, with the remaining 39% coming from overseas debt, at N14.3822 trillion.
“Consistent with the debt management strategy, Nigeria's external debt stock was skewed in favour of loans from multilateral (49.77 percent) and bilateral lenders (14.02 percent) or total of 63.79 percent which are mostly concessional and semi concessional,” the document added.
The office stated that it is dedicated to bolstering the nation's revenue and has persisted in using the finest practices for managing public debt.
“Whilst the DMO continues to employ best practice in public debt management, the recent and on-going efforts of the fiscal authorities to shore up revenue will support debt sustainability,” it stated.
No comments:
Leave comment here