The report revealed that the rise in debt levels are attributed to the Federal Government’s increased domestic borrowing to fund the 2024 budget deficit, as well as disbursements from multilateral and bilateral lenders.
The DMO’s revelation came through a press statement released on Friday, which meticulously outlined the composition and reasons behind the uptick in the national debt figure.
The statement reads in parts:
“Nigeria’s Public Debt Stock as at December 31, 2023 was N97.34trillion or $108.229 billion. This amount comprises the domestic and external debt stocks of the Federal Government of Nigeria (FGN), the thirty-six (36) States Governments and the Federal Capital Territory (FCT).
“There was an increase of N9.43 trillion over the comparative figure for September, 2023 which was largely due to new domestic borrowing by the FGN to part finance the deficit in the 2024 Appropriation Act and disbursements by multilateral and bilateral lenders.”
