Ms Patience Oniha. Director-General, DMO

DMO says Nigeria’s debt nearing N100trn, as figure climbs by 75% in Q2, 2023


Debt Management Office (DMO) has disclosed that the country’s total public debt is now nearing the N100 trillion mark as it edged N87.38 trillion at the end of second quarter of 2023.

Ms Patience Oniha. Director-General, DMO

According to the DMO, the figure is an increase of 75.29 per cent, representing N37.53tn compared to the N49.85 trillion recorded at the end of March 2023.

The DMO in a report posted on its website, Thursday, said the debt profile includes the N22.71tn Ways and Means Advances of the Central Bank of Nigeria (CBN) to the past president Muhammadu Buhari government and approved by the 9th National Assembly.

“Nigeria’s total public debt stock as at June 30, 2023, was N87.38tn ($113.42bn). It comprises the total domestic and external debts of the Federal Government of Nigeria, the thirty-six states, and the Federal Capital Territory.

“The major addition to the Public Debt Stock was the inclusion of the N22.712tn securitized FGN’s Ways and Means Advances,” DMO said.

The statement also noted that other additions to the debt stock were new borrowings by the Federal Government and the sub-nationals from local and external sources.

“The reforms already introduced by the present administration and those that may emerge from the recommendations of the Fiscal Reform and Tax Policies Committee, are expected to impact debt strategy and improve debt sustainability.”

The DMO had earlier projected that Nigeria’s public debt burden may hit N77tn following the National Assembly’s approval of the request by former President Buhari to restructure the CBN’s Ways and Means Advances, a loan facility through which the CBN finances the shortfalls in the government’s budget.

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