The Federal Government has provided the details of Nigeria’s projected total public debt stock of N77 trillion by end of President Muhammadu Buhari’s term in office.
Total Public Debt Stock is the external and domestic debt of the Federal Government, thirty six (36) State Governments and the Federal Capital Territory.
Investogist had reported that Nigeria’s total public debt rose to N44.06 trillion ($101.91 billion) as at September 30, 2022.
The nation’s total public debt stood at N38 trillion ($92.63 billion) as at September 30, 2021.
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The Director-General of the Debt Management Office, DMO (DG-DMO) had said that the nations total public debt would rise to about N77 trillion at the end of May 2023 while responding a question during the Public Presentation of the 2023 Appropriation Act by the Honourable Minister of Finance, Budget and National Planning Hajia (Dr) Zainab Shamsuna Ahmed.
The DMO in a press release published on its website on Monday, said the projected N77 trillion includes the N22.72 Trillion Ways and Advances currently under the consideration by the National Assembly (NASS), N1 Trillion Ways and Means Advances to finance the Supplementary Budget which has already been approved NASS, N5.567 trillion representing about 50% of the new borrowing of N11.134 Trillion in the 2023 Appropriation Act as well as New Promissory Notes estimated at N1.5 Trillion to be issued to settle arrears of the FGN and judgement debts.
Also included are estimates for new borrowing by the State Governments and FCT, according to the press release.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.