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HomeNewsState, Federal Govts Owe N97trn 2023 Ending

State, Federal Govts Owe N97trn 2023 Ending

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Nigeria’s Debt Management Office has announced that the country’s public debt stock, piled up by the Federal Government and states, stood at N97.341 trillion ($108.229 billion) as of 31st December 2023.

On Friday, March 22, the agency noted that the amount comprised domestic and external debt stocks of the Federal Government, the 36 state governments and the Federal Capital Territory (FCT).

DMO’s statement, on its official X handle, said: “There was an increase of N9.43 Trillion over the comparative figure for September, 2023 which was largely due to new domestic borrowing by the FGN to part finance the deficit in the 2024 Appropriation Act and disbursements by multilateral and bilateral lenders.

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“At N59.12 Trillion, Total Domestic Debt accounted for 61% of the Total Public Debt Stock while External Debt at N38.22 Trillion accounted for the balance of 39%.

“Consistent with the debt management strategy, Nigeria’s External Debt Stock was skewed in favour of loans from multilateral (49.77%) and bilateral lenders (14.02%) or total of 63.79% which are mostly concessional and semi-concessional.

“Whilst the DMO continues to employ best practice in public debt management, the recent and on-going efforts of the fiscal authorities to shore up revenue will support debt sustainability.”

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