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Nigeria’s total public debt has reached N49.95 trillion (equivalent to $108.30 billion), according to the Debt Management Office (DMO). In an official statement released on its website, the DMO provided an update on the country’s debt situation.
The total debt stock includes both external and domestic debts of the Federal Government, the 36 states, and the Federal Capital Territory (FCT). As of December 21, 2022, the total debt was recorded at N46.25 trillion (equivalent to $103 billion), indicating an increase of approximately three trillion naira.
It’s important to note that the total debt stock does not incorporate the Federal Government’s N22.719 trillion Ways and Means Advances from the Central Bank of Nigeria (CBN). However, the National Assembly approved the securitization of this amount in May. Starting from June, the principle of ways and means will be included in the Federal Government’s debt stock.
The Debt Management Office recently released the Market Access Country-Debt Sustainability Analysis (MAC-DSA), a tool endorsed by the World Bank and IMF to promote transparency in public debt management. The DMO, along with other agencies such as the CBN, Budget Office of the Federation, Office of the Accountant General of the Federation (OAGF), National Bureau of Statistics (NBS), and Federal Ministry of Finance, Budget, and National Planning, has adopted and implemented best practices in public debt management.
The increase in Nigeria’s total public debt highlights the ongoing challenges faced by the country in managing its fiscal responsibilities. As the debt stock continues to rise, stakeholders will closely monitor the government’s efforts to ensure sustainability and prudent financial management in the face of mounting debt obligations.
