Icon symbolizing debt
The Debt Management Office (DMO) has disclosed that Nigerias total public debt has risen to $108.3bn (N49.8trn).
In a statement on Friday night, DMO stated that the figure which include money owed by the federal and state governments does not include the federal governments N22.7tr Ways and Means Advances of the Central Bank of Nigeria (CBN).
The statement read: 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 N49.85tr ($108.30bn).
Comparatively, the Total Public Debt Stock for the preceding period, December 31, 2022, stood at N46.2tr ($103.3bn). 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 FGNs 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 FGNs Domestic Debt Stock from June 2023.
Experts have warned the current administration of President Bola Tinubu against incurring debts. (Daily Trust)
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