On Thursday, The Debt Management Office (DMO) stated that the nation's total public debt had risen to N87.38 trillion at the end of Q2 2023.
The data presented by the commission shows that the figure grew to 75.29%, or N37.53 trillion, which is far from the records of March 2023, which show that Nigeria's debt settled at N49.85 trillion.
The report revealed by the DMO shows N22.71 trillion in Ways and Means Advances from the Central Bank of Nigeria (CBN) to the Federal Government of Nigeria (FGN).
The Commission stated,
- Nigeria’s total public debt stock as at June 30, 2023, was N87.38tn ($113.42bn). It comprises the total domestic and external debts of the Federal Government of Nigeria, the thirty-six states, and the Federal Capital Territory.
- The major addition to the Public Debt Stock was the inclusion of the N22.712tn securitized FGN’s Ways and Means Advances.
- The reforms already introduced by the present administration and those that may emerge from the recommendations of the Fiscal Reform and Tax Policies Committee, are expected to impact debt strategy and improve debt sustainability.
The CBN utilizes the Ways and Means Advances as a loan facility to aid the government when there’s a shortfall in the budget.
Read more: https://www.investingport.com/nigerias-public-debt-skyrockets-to-n873-trillion-in-3-months/