Nigeria’s total public debt has risen to N49.85 trillion ($108.30 billion) as at March 31, 2023 from N46.25 trillion as of December 31, 2022, the Debt Management Office said in its recent report.
According to the report, the total public debt is made up of the external and domestic debts of the Federal Government, the 36 states, and the Federal Capital Territory.
External debt represents N19.64 trillion ($42.67 billion) or 39.40% of the total debt while domestic represents N30.21 trillion ($65.62 billion) or 60.60% of the total public debt.
The federal government holds 49.61% or N24.73 trillion of the total domestic debt while states and FCT holds 10.99% or N5.48 trillion of the domestic debt.
The DMO noted that CBN Official Exchange Rate of US$1 to NGN460.35 as at March 31, 2023 was used in converting the Domestic Debts to USD.
According to the DMO, 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. The amount will be included in the FGN’s Domestic Debt Stock from June 2023.”
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.