FRI, MAR 22 2024-theGBJournal| The Debt Management Office (DMO) reports Nigeria’s public debt stock as at December 31, 2023 was N97.34 trillion or USD108.229 billion.
The DMO said the amount comprises the domestic and external debt stocks of the Federal Government, the thirty six states Governments and the Federal Capital Territory (FCT).
According the DMO, there was an increase of N9.43 trillion over the comparative figure for September 2023.
It attributed the increase to new domestic borrowing by the Federal Government 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,” the DMO noted.
The DMO added that ”the recent and on-going efforts of the fiscal authorities to shore up revenue will support debt sustainability.”
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