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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, made this
known in a statement on Friday in Abuja.
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, the total domestic debt, as at March, was
N65.65 trillion (46.29 dollars), while the total external debt was N56.02
trillion (42.12 billion dollars).
She said that the comparative figure of the total debt stock
for December 2023 was N97.34 trillion (108.23 billion dollars).
She said that the increase in the total debt stock was
informed by growth in the domestic component of the debt to bridge deficit in
the 2024 budget, and instability in the foreign exchange market during the
first quarter.
“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 Dec. 31, 2023 to N65.75 trillion on March 31.
“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. NAN
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