Nigeria’s public debt has reached over forty-nine trillion naira (N49.95trn), the Debt Management Office (DMO) revealed.
The figure included the external and internal debt of the federal government, 36 states, and the Federal Capital Territory (FCT) as of March 2023.
According to the DMO, the above was an increase of around three trillion naira compared to the previous period in December 2022, when total debt stood at over forty-six trillion naira (£46.25 trillion).
The MDO clarified that debt stock does not include the federal government’s advance of over twenty-two (22.719trn) since the National Assembly approved the securitization of the Central Bank of Nigeria (CBN) in May.
Beginning in June, the Ways and Means Advances will be added to the Federal Government’s debt stock.
DMO’s Director General, Patience Oniha explained that the recent Debt Sustainability Analysis (DSA) report highlighted the importance of raising revenue to ensure a sustainable national debt.
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Oniha further applauded some of the current administration’s policies that promote debt sustainability, such as the elimination of fuel subsidy for expenditure management and the appointment of a special adviser to President Bola Tinubu on revenue issues aimed at raising revenue.
Oniha said:
“Policies like the removal of subsidies to manage expenditure and the focus on revenue through the appointment of a Special Adviser to the President on Revenue were positive steps for public debt sustainability.”
