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Nigeria’s Public Debt Soars To N49.8 Trillion- DMO

Comparatively, the Total Public Debt Stock for the preceding period, December 31, 2022, stood at N46.2tr ($103.3bn). During the period, there were increases in the debt stock of the FGN, States, and the FCT.

By Denyefa Enikenemi:

According to a statement released on Friday night by the Debt Management Office (DMO), Nigeria’s overall public debt has reached $108.3 billion (equivalent to N49.8 trillion).

The disclosed amount encompasses the debts owed by both the federal and state governments, but it does not incorporate the N22.7 trillion Ways and Means Advances obtained by the Central Bank of Nigeria (CBN) on behalf of the federal government.

The statement read: “As at March 31, 2023, the Total Public Debt Stock comprising the external and domestic debts of the Federal Government of Nigeria (FGN), the thirty-six (36) States, and the Federal Capital Territory (FCT) was N49.85tr ($108.30bn).

“Comparatively, the Total Public Debt Stock for the preceding period, December 31, 2022, stood at N46.2tr ($103.3bn). During the period, there were increases in the debt stock of the FGN, States, and the FCT.”

“The Public Debt Stock for March 2023 does not include the FGN’s N22.719 Trillion Ways and Means Advances of the Central Bank of Nigeria whose securitization was approved by the National Assembly in May 2023. The amount will be included in the FGN’s Domestic Debt Stock from June 2023.”

Cautionary advice has been issued by experts to the present administration led by President Bola Tinubu, urging them to avoid accumulating debts.

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