The Debt Management Office (DMO) has revealed that Nigeria’s Public Debt Stock at December 31, 2023 N97.341 trillion. The amount comprises the Domestic and External Debt Stock of the Federal Government, the 36 State Governments and the Federal Capital Territory, Abuja.
According to DMO, there was an increases of N9.43 trillion over the comparative figure for September 2023 which was largely due to new domestic borrowing by the Federal Government to part finance the deficit in the 2024 Appropriation Act and disbursements by multilateral and bilateral lenders.
At N59.12 trillion, Total Domestic Debt accounted for 61% of the Total Public Debt while External Debt at N38.22 trillion accounted for the balance of 39%. Consistent with the debt management strategy, Nigeria’s External Debt Stock was skewed in favour of loans from multilateral (49.77%) and bilateral lenders (14.02%) or total 63.79% which are mostly concessional or semi- concessional.
According to the Debt Management Office, the recent and ongoing efforts of the fiscal authorities to shore up revenue will support debt sustainability.