DMO: Nigeria’s debt increased by N3.6trn in three months — hits N49.85trn | TheCable

June 24, 2023 10:44 AM says Nigeria’s total public debt — federal and state governments — hit N49.85 trillion at the end of the first quarter of 2023.

The figure represents an increase of N3.60 trillion compared to N46.25 trillion recorded at the end of December 2022. In a statement issued on Friday, DMO said the debt excludes the N22.71 trillion ways and means advances of the Central Bank of Nigeria . “As at March 31, 2023, the total public debt stock comprising the external and domestic debts of the federal government of Nigeria , the thirty-six States, and the Federal Capital Territory was N49.85 trillion ,” DMO said.“Comparatively, the total public debt stock for the preceding period, December 31, 2022, stood at N46.25 trillion . During the period, there were increases in the debt stock of the FGN, States, and the FCT.

“The public debt stock for March 2023 does not include the FGN’s N22.719 trillion Ways and Means Advances of the Central Bank of Nigeria whose securitization was approved by the National Assembly in May 2023.Ways and means is a loan facility through which the CBN finances the government’s budget shortfalls.Securitisation is the practice of pooling together various types of

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