Nigeria spent N2.46 trillion to service N121.67 trillion of public debt in the first quarter of 2024 , according to the Debt Management Office .
The public debt stock consists of an external debt of N56.02 trillion and a domestic debt of N65.65 trillion . It stated that the domestic debt for the 36 states and the Federal Capital Territory stood at N4.07 trillion in Q1 2024. According to DMO, the increase was from new borrowing to part-finance the 2024 budget deficit and securitisation of a portion of the N7.3 trillion Ways and Means Advances at the Central Bank of Nigeria .
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Source: DailyPostNGR - 🏆 11. / 59 Read more »