The Debt Management Office says Nigeria’s total public debt rose to N97.34 trillion in the fourth quarter of 2023.a 10.73 percent or N9.43 trillion increase compared to N87.91 trillion recorded in the third quarter last year.
The country’s public debt consists of domestic and external debt stocks of the federal government of Nigeria and the subnational governments — the 36 states and the federal capital territory .the increase was primarily due to new domestic borrowing by the federal government to partly fund the deficit in the 2024 budget as well as disbursements by multilateral and bilateral lenders.“At N59.
“Consistent with the debt management strategy, Nigeria’s External Debt Stock was skewed in favour of loans from multilateral and bilateral lenders or total of 63.79% which are mostly concessional and semi-concessional.” DMO said while it continues to use best practices in public debt management, the fiscal authorities’ recent and ongoing measures to shore up revenue will support debt sustainability.Click on the link below to join TheCable Channel on WhatsApp for your Breaking News, Business Analysis, Politics, Fact Check, Sports and Entertainment News!
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Source: GuardianNigeria - 🏆 1. / 94 Read more »