The Debt Management Office (DMO) has disclosed that Nigeria’s total public debt rose to N87.38 trillion by the end of the second quarter of 2023.
The DMO, in its recent report, confirmed that this debt encompasses the N22.71tn Ways and Means Advances extended by the Central Bank of Nigeria (CBN) to the Federal Government.
This figure represents a substantial increase of 75.29 per cent, equating to N37.53 trillion, when juxtaposed with the N49.85 trillion reported at the end of March 2023.
“Nigeria’s total public debt stock as of 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.”
Furthermore, the DMO highlighted the significant addition to the Public Debt Stock, attributing it to the inclusion of the N22.712tn securitised Federal Government’s Ways and Means Advances.
A detailed breakdown of Nigeria’s public debt as shown in the report, indicates that domestic loans stood at N54.13 trillion while external debt was N33.25 trillion.
The report attributed the country’s burgeoning public debt to factors including new borrowing and reforms.