Why Nigeria’s Domestic Debts Increased— DMO

The Debt Management Office (DMO), says there was a sharp increase in Nigeria’s total domestic debt stock between December 2022 and June.

The DMO in a statement clarifying the country’s domestic debt stock on Thursday, said the inclusion of N22.719 trillion securitised Ways and Means advances is responsible for the increase.

It said that the total domestic debt of N55.93 trillion it earlier published was the figure for Sept. 30, not for Dec. 30.

“The attention of the DMO has been drawn to some comments in the media on Nigeria’s debt stock figures as of Sept. 30.

“The increase in the total domestic debt stock between June 30 and Sept. 30 was 3.3 per cent.

“The total domestic debt grew sharply between December 2022 and June due to the inclusion of the securitised Ways and Means advances which was added to the debt stock in June, ” it said.

The News Agency of Nigeria (NAN) reports that the country’s public debt stock hit N87.91 trillion (114.35 billion dollars) as of Sept. 30.

The amount represents the domestic and external debts of the Federal Government, the 36 state governments and the Federal Capital Territory (FCT).

The N87.91 trillion debt stock represents a marginal increase of 0.61 per cent when compared to the June figure of N87.38 trillion.(NAN)