Nigeria’s Public Debt Surges to N97.341 Trillion by December 2023, DMO Data Shows


New data released by the Debt Management Office (DMO) in Abuja reveals that Nigeria’s public debt stock soared to N97.341 trillion (equivalent to $108.229 billion) as of December 31, 2023.

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The DMO reported that this figure represents combined domestic and external debt owed by the Federal Government, the 36 state governments, and the Federal Capital Territory (FCT). Notably, this amount reflects an increase of N9.43 trillion compared to the debt stock recorded on September 30, 2023.

The substantial rise in public debt is primarily attributed to fresh domestic borrowing by the Federal Government to help finance the deficit in the 2024 budget, alongside disbursements from multilateral and bilateral lenders.

Of the total debt, domestic borrowing accounts for N59.12 trillion (61% of the total), while external debt stands at N38.22 trillion (39% of the total).

According to the DMO, Nigeria’s external debt composition is predominantly from multilateral and bilateral lenders, aligning with the country’s debt management strategy. Multilateral loans constitute 49.77% of the external debt stock, while bilateral loans constitute 16.02%, totaling 63.79%. These loans are largely concessional and semi-concessional in nature.

The DMO emphasized its commitment to employing best practices in public debt management. Furthermore, it expressed confidence that ongoing efforts by authorities to bolster revenue generation will support debt sustainability despite the rising debt profile.

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