From Our Correspondent
The Debt Management Office (DMO) says Nigeria’s public debt has climbed to a staggering N97.341 trillion ($108.229 billion) as of Dec. 31, 2023.
The DMO announced this in a statement, on Friday, March 22, 2024, in Abuja.
The debts comprised domestic and external debt stocks of the Federal and state governments.
There has been a significant increase in the debt stocks since September 2023.
The surge in debt is primarily attributed to fresh domestic borrowing by the Federal Government to address deficits in the 2024 budget.
Of the debt stock, domestic debt accounted for N59.12 trillion, representing 61 per cent.
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The external debt stood at N38.22 trillion or 39 per cent.
According to the DMO, loans from multilateral sources accounted for 49.77 per cent of the external debt stock while bilateral loans accounted for 16.02 per cent.
These loans, mostly concessional and semi-concessional, amounted to a significant 63.79 per cent of Nigeria’s external debt.
Despite concerns from economic experts, the DMO said it has put prudent debt management practices in place.
“Ongoing efforts by authorities to bolster revenue are crucial in ensuring debt sustainability,” DMO stated.
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