Nigeria’s Debt Hit N97.34trn In Q4 2023 – DMO
The Debt Management Office of Nigeria has disclosed that Nigeria’s public debt hit N97.34trn ($108bn) as of the fourth quarter of 2023.
DMO revealed this in a statement made available to journalists on Friday.
The statement partly read, “Nigeria’s Public Debt Stock as of December 31, 2023, was N97.34tn or $108.229bn.
“This amount comprises the Domestic and External Debt Stocks of the Federal Government of Nigeria, the 36 States Governments and the Federal Capital Territory.”
The document disclosed that this amount shows an increase of N89.43tn over the comparative figure for September 2023 which was largely as a result of new domestic borrowing to partly finance the deficit in the 2024 Appropriation Act and disbursements by multilateral and bilateral lenders.
It noted that, at N59.12trn, Total Domestic Debt accounted for 61 per cent of the Total Public Debt Stock, while External Debt at N1438.22trn accounted for the balance of 39 per cent.
The DMO says it has continued to employ the best practices in public debt management and is committed to shore up the country’s revenue.
“Whilst the DMO continues to employ best practices in public debt management, the recent and ongoing efforts of the fiscal authorities to shore up revenue will support debt sustainability,” it stated.
