Nigeria’s debt hits N49.85trn in three months, says DMO

The Debt Management Office, DMO, on Friday, said Nigeria’s total public debt, both federal and state governments hit N49.85 trillion at the end of the first quarter (Q1) of 2023.

The Informant247 gathered that the latest figure represents an increase of N3.60 trillion compared to N46.25 trillion recorded at the end of December 2022.

DMO, in a statement issued, on Friday further explained that the debt excludes the N22.71 trillion ways and means advances of the Central Bank of Nigeria (CBN).

DMO said, “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 N49.85 trillion (USD 108.30 billion).”

“Comparatively, the total public debt stock for the preceding period, December 31, 2022, stood at N46.25 trillion (USD 103.31 billion). 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.”