4 months ago
12
The Debt Management Office (DMO) says Nigeria’s total public debt stock hit N121.67 trillion (91.46 billion dollars) in March.
The Director-General of the DMO, Patience Oniha, said this in a statement on Friday in Abuja.
Ms 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, as of March, the total domestic debt was N65.65 trillion (46.29 dollars), while the total external debt was N56.02 trillion (42.12 billion dollars).
She said the comparative figure of the total debt stock for December 2023 was N97.34 trillion (108.23 billion dollars as of 31 December 2023).
Reasons for surge
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.
Nigerians need credible journalism. Help us report it.
PREMIUM TIMES delivers fact-based journalism for Nigerians, by Nigerians — and our community of supporters, the readers who donate, make our work possible. Help us bring you and millions of others in-depth, meticulously researched news and information.
It’s essential to acknowledge that news production incurs expenses, and we take pride in never placing our stories behind a prohibitive paywall.
Will you support our newsroom with a modest donation to help maintain our commitment to free, accessible news?
“Excluding Naira exchange rate movements in the first quarter of 2024, only the domestic debt component of the total debt stock grew from N59.12 trillion on 31 December 2023 to N65.75 trillion on 31 March.
“The increase was from new borrowing to part-finance the 2024 budget deficit and securitisation of a portion of the N7 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.
*Exchange rates:
US$1 to N899.393 as of 31 December 2023
US$1 to N1,330.26 as of 31 March 2024
Support PREMIUM TIMES' journalism of integrity and credibility
At Premium Times, we firmly believe in the importance of high-quality journalism. Recognizing that not everyone can afford costly news subscriptions, we are dedicated to delivering meticulously researched, fact-checked news that remains freely accessible to all.
Whether you turn to Premium Times for daily updates, in-depth investigations into pressing national issues, or entertaining trending stories, we value your readership.
It’s essential to acknowledge that news production incurs expenses, and we take pride in never placing our stories behind a prohibitive paywall.
Would you consider supporting us with a modest contribution on a monthly basis to help maintain our commitment to free, accessible news?
TEXT AD: Call Willie - +2348098788999
English (US) ·