DMO: Nigeria’s debt rises to N49.8trn

Nigeria’s total public debt has risen to $108.3 billion (N49.8trn), the Debt Management Office (DMO) has disclosed.

DMO, in a statement on Friday night, stated that the figure does not include the Federal Government’s N22.7 trillion Ways and Means Advances of the Central Bank of Nigeria (CBN).

The statement read: “As at March 31, 2023, the Total Public Debt Stock comprising the external and domestic debts of the Federal Government of Nigeria (FGN), the 36 States, and the Federal Capital Territory (FCT) was N49.85 trillion ($108.30bn).

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“Comparatively, the Total Public Debt Stock for the preceding period, December 31, 2022, stood at N46.2 trillion ($103.3bn). During the period, there were increases in the debt stock of the FGN, States, and the FCT.

“The Public Debt Stock for March 2023 does not include the FGN’s N22.719 Trillion Ways and Means Advances of the Central Bank of Nigeria whose securitization was approved by the National Assembly in May 2023. The amount will be included in the FGN’s Domestic Debt Stock from June 2023.”

The Star