The Federal Government, the Thirty-six (36) States’ Governments and the Federal Capital Territory, FCT, owed N97.341 trillion or USD108.229 billion as at December 31, 2023, the Debt Management Office, DMO, revealed in a statement released today, Friday March 22.
According to DMO, this amount comprises the Domestic and External Debt Stocks of the two tiers of Government and the Federal Capital Territory, FCT.
The statement which was sighted on DMO’s X handle, noted inter-alia: “There was an increase of N9.43 Trillion over the comparative figure for September, 2023 which was largely due to new domestic borrowing by the FGN to part finance the deficit in the 2024 Appropriation Act and disbursements by multilateral and bilateral lenders. At N59.12 Trillion, Total Domestic Debt accounted for 61% of the Total Public Debt Stock while External Debt at N38.22 Trillion accounted for the balance of 39%.
Consistent with the debt management strategy, Nigeria's External Debt Stock was skewed in favour of loans from multilateral (49.77%) and bilateral lenders (14.02%) or total of 63.79% which are mostly concessional and semi-concessional.
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.
Copyright: Fresh Angle International (www.freshangleng.com)
ISSN 2354 - 4104
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