Nigeria's nationwide debt stood at N97 as of December 31, 2023. 341 trillion (US$108.229 billion), in line with knowledge launched by the Debt Administration Workplace (DMO) on Friday in Abuja.
The DMO stated the quantity consisted of home and exterior money owed of the Federal Authorities, the Governments of the 36 States and the Federal Capital Territory (FCT).
The debt workplace stated there was a rise of N9.43 trillion over the comparative determine for September 30, 2023.
It stated the rise was largely as a consequence of new home borrowing by the federal authorities to finance the 2024 finances deficit, and disbursements by multilateral and bilateral lenders.
“At N59.12 trillion, complete home debt accounted for 61 % of complete public debt, whereas exterior debt at N38.22 trillion accounted for the steadiness of 39 %,” the report stated.
The DMO stated the nation's exterior debt was skewed in favor of loans from multilateral and bilateral lenders.
The debt workplace stated the transfer was in keeping with the nation's debt administration technique.
It stated loans from multilateral sources constituted 49.77 % of the nation's exterior debt, whereas loans from bilateral sources constituted 16.02 %.
“That could be a complete of 63.79 %, primarily concessional and semi-concessional loans.
“Whereas the DMO continues to use finest practices in public debt administration, the authorities' current and ongoing efforts to extend revenues will help debt sustainability.
