DMO – Public debt surged to N97.34tn in Q4

DMO disclosed this in an announcement that was accessible to journalists on Friday.
Public debt is undoubtedly one of the methods nations use to get further funds for financial growth. In this fashion, a rustic can execute larger tasks that may support its development.

The assertion partly learns, “Nigeria’s public debt inventory as of December 31, 2023, was N97.34trn or $108.229bn.”

“This quantity includes the home and exterior debt shares of the Federal Authorities of Nigeria, the 36 states governments and the Federal Capital Territory.”

The doc revealed that this quantity signifies a significant enhancement compared to N89.43tn recorded in September 2023.
DMO mentioned that the rise was mainly due to new home borrowing by the federal government to partially finance the deficit within the 2024 Appropriation Act and disbursements by multilateral and bilateral lenders.

“In line with the debt administration technique, Nigeria’s exterior debt inventory was skewed in favour of loans from multilateral (49.77 %) and bilateral lenders (14.02 percent ) or complete of 63.79 percent that is principally concessional and semi concessional,” the doc added.

The DMO says it has continued to use the best practices in public debt administration and is dedicated to bolstering the nation’s income.

“While the DMO continues to use the finest practices in public debt administration, the fiscal authorities’ current and ongoing efforts to shore up income will assist debt sustainability,” it said.