Nigeria’s public debt hits N49 trillion – DMO

Nigeria’s public debt hits N49 trillion – DMO

The Debt Management Office (DMO) said the total public debt stock of Nigeria as of March was N49.95 trillion ($108.30 billion).

DMO said in a statement on its official website on Sunday, that the debt stock comprises the external and domestic debts of the Federal Government, the 36 states and Federal Capital Territory.

The country’s total debt for the preceding period of Dec. 21, 2022, is N46.25 trillion ($103 billion).

It indicated an increase of about N3 trillion.

The total debt stock, however, excludes the Federal Government’s N22.719 trillion Ways and Means Advances of the Central Bank of Nigeria (CBN),

The National Assembly approved CBN’s securitisation in May.

According to DMO, the Ways and Means will be included in the debt stock of the Federal Government from June.

Meanwhile, DMO recently released the Market Access Country-Debt Sustainability Analysis (MAC-DSA) to promote transparency.

The MAC-DSA is a World Bank/IMF tool for best practices in public debt management.

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The DMO has adopted and implemented it over the years.

According to DMO, MAC-DSA is an annual exercise anchored by it, with the participation of key Federal Government agencies.

It listed such agencies include the CBN, Budget Office of the Federation and Office of the Accountant General of the Federation (OAGF).

Others are the National Bureau of Statistics (NBS) and the Federal Ministry of Finance,  Budget and National Planning.

Patience Oniha, Director-General of DMO,  said the recent DSA reports highlighted the need for more revenues to keep public debt sustainable.

Oniha said the 2022 DSA report, recently released, also emphasised the need for the government to grow revenues.

She commended recent policies of the present administration as capable of enhancing debt sustainability.


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