Nigeria’s public debt reached ₦97trn in December 2023 – DMO

News Agency Of Nigeria

March 22, 2024 8:36 PM

The DMO said that the country’s external debt stock was skewed in favour of loans from multilateral and bilateral lenders.

Nigeria’s public debt reached ₦97trn in December 2023 – DMO [proshareng]

Nigeria’s public debt stock as of December 31, 2023, was ₦97.341 trillion (108.229 billion dollars), according to data released by the Debt Management Office (DMO) on Friday in Abuja.

The DMO said that the amount comprised domestic and external debt stocks of the Federal Government, the 36 state governments and the Federal Capital Territory (FCT).

The debt office said that there was an increase of ₦9.43 trillion over the comparative figure for September 30, 2023.

It said that the increase was largely due to new domestic borrowing by the Federal Government to part-finance the deficit in the 2024 budget, and disbursements by multilateral and bilateral lenders.

“At ₦59.12 trillion, total domestic debt accounted for 61 per cent of the total public debt stock, while external debt at ₦38.22trillion accounted for the balance of 39 per cent,” it said.

The DMO said that the country’s external debt stock was skewed in favour of loans from multilateral and bilateral lenders.

The debt office said the move was consistent with the country’s debt management strategy.

It said that loans from multilateral sources constituted 49.77 per cent of the country’s external debt stock, while loans from bilateral sources constituted 16.02 per cent.

“That is a total of 63.79 per cent, mostly concessional and semi-concessional loans.

“Whilst the DMO continues to employ best practices in public debt management, the recent and ongoing efforts of the authorities to shore up revenue will support debt sustainability,” it said.

News Agency Of Nigeria