Nigeria’s total public debt has risen to $108.3 billion (N49.8 trillion), according to the Debt Management Office (DMO).
DMO stated in a statement on Friday night that the figure, which includes money owed by the federal and state governments, does not include the federal government’s N22.7tr Central Bank of Nigeria (CBN) Ways and Means Advances.
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 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.
Experts have warned the current administration of President Bola Tinubu against incurring debts.