Friday, 21 June 2024 04:54

FG’s borrowings increased Nigeria’s public debt by N24.33trn within 3 months - DMO

Rate this item
(0 votes)

The Debt Management Office (DMO) says Nigeria’s total public debt has reached N121.67 trillion within three months.

This figure represents an increase of N24.33 trillion or 24.99 percent from the N97.34 trillion as of December 2023.

Nigeria’s public debt profile consists of domestic and external debt stocks of the federal and subnational governments — the 36 states and the federal capital territory (FCT).

According to the DMO, 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.

“Total domestic debt was N65.65 trillion (USD46.29 billion) while total external debt was N56.02 trillion (USD42.12 billion).

“Excluding naira exchange rate movements in Q1 2024, only the domestic debt component of total public debt grew from N59.12 trillion on December 31, 2023, to N65.65 trillion on March 31, 2024.

“The increase was from new borrowing to part-finance the 2024 Budget deficit and securitization of a portion of the N7.3 trillion Ways and Means Advances at the Central Bank of Nigeria.

“Whilst borrowing, as provided in the 2024 Appropriation Act, will continue, we expect improvements in the government’s revenue to enhance debt sustainability.”

On June 13, Wale Edun, the minister of finance and coordinating minister of the economy, announced the approval of two major “financial support packages” by the World Bank — valued at $2.25 billion.

In May, the Bureau of Public Enterprises (BPE) said the federal government has secured a $500m World Bank loan to boost electricity distribution in the country.

Prior to this, the federal government had received $750 million from the World Bank for humanitarian and social reforms and $1.5 billion for its economic stabilisation plan.

 

The Cable

July 20, 2024

Dangote’s quest for import ban on diesel bad for Nigeria’s energy security, competition, FG says

Aliko Dangote has asked Nigeria to suspend imports of diesel and aviation fuel in a…
July 19, 2024

LG autonomy is guise for state capture, overtaxation - Afenifere

PRESS RELEASE Afenifere has stated that President Bola Tinubu administration's push for Local Government Autonomy…
July 20, 2024

Married men are revealing the ‘hardest parts’ of marriage that no one talks about

We recently asked married men of the BuzzFeed Community to tell us the hardest parts…
July 20, 2024

Husband uses drone to catch wife cheating on him with her boss

A Chinese man reportedly caught his wife cheating with her boss during work hours by…
July 16, 2024

Driver, 18 passengers abducted on Akwa Ibom highway

The driver and 18 passengers of a Port Harcourt-bound Akwa Ibom State Transport Corporation bus…
July 20, 2024

Here’s the latest as Israel-Hamas war enters Day 288

Top UN court says Israel's occupation of Palestinian territories illegal The United Nations' highest court…
June 19, 2024

Chips maker Nvidia rises to world’s most valuable company

Nvidia has become the world’s most valuable company following a staggering rally in its shares,…
June 18, 2024

Amusan secures fourth straight national title in 100m hurdles

Tobi Amusan has claimed her fourth consecutive national title in the women’s 100 metres hurdles…

NEWSSCROLL TEAM: 'Sina Kawonise: Publisher/Editor-in-Chief; Prof Wale Are Olaitan: Editorial Consultant; Femi Kawonise: Head, Production & Administration; Afolabi Ajibola: IT Manager;
Contact Us: [email protected] Tel/WhatsApp: +234 811 395 4049

Copyright © 2015 - 2024 NewsScroll. All rights reserved.