ADVERTISEMENT

Nigeria's public debt reaches ₦121.67 trillion in March - DMO reports

The debt stock comprises of the total external and domestic debts of the FG, 36 state govts, and the FCT.

Director-General of the Debt Management Office, Patience Oniha [NAN]

The Director-General of the DMO, Patience Oniha, made this known in a statement on Friday in Abuja. Oniha said that the debt stock comprised the total external and domestic debts of the Federal Government, the 36 state governments, and the Federal Capital Territory (FCT).

According to her, the total domestic debt, as of March, was ₦65.65 trillion (46.29 dollars), while the total external debt was ₦56.02 trillion (42.12 billion dollars). She said that the comparative figure of the total debt stock for December 2023 was ₦97.34 trillion (108.23 billion dollars).

She said that the increase in the total debt stock was informed by growth in the domestic component of the debt to bridge the deficit in the 2024 budget, and instability in the foreign exchange market during the first quarter.

ADVERTISEMENT

“Excluding Naira exchange rate movements in the first quarter of 2024, only the domestic debt component of the total debt stock grew from ₦59.12 trillion on December 31, 2023 to ₦65.75 trillion on March 31.

“The increase was from new borrowing to part-finance the 2024 budget deficit and securitisation of a portion of the ₦7.3 trillion Ways and Means advances at the Central Bank of Nigeria (CBN),” she said.

She said that improvement in government revenue would go a long way in ensuring debt sustainability, while borrowing, as provided in the 2024 budget would continue.

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.
ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

Cardoso-led CBN raises interest rate by 50 basis points

Cardoso-led CBN raises interest rate by 50 basis points

Rack Centre, others canvass for the use of waste to generate energy

Rack Centre, others canvass for the use of waste to generate energy

MTN, Piggyvest, Flutterwave, Kuda named top fintech companies in CNBC’s 2024 ranking

MTN, Piggyvest, Flutterwave, Kuda named top fintech companies in CNBC’s 2024 ranking

Breaking News: UAE considering slashing Visa/DVN fees for Nigerians

Breaking News: UAE considering slashing Visa/DVN fees for Nigerians

10 poorest countries in the world in 2024

10 poorest countries in the world in 2024

5 key considerations for building an AI integrated trading tool

5 key considerations for building an AI integrated trading tool

Opay drives innovative security feature to secure user's finances

Opay drives innovative security feature to secure user's finances

Why Kenyans will wait longer before earning from Facebook & Instagram

Why Kenyans will wait longer before earning from Facebook & Instagram

What makes an e-commerce business successful?

What makes an e-commerce business successful?

ADVERTISEMENT
ADVERTISEMENT