Nigeria’s Debt Climbs To N36 Trillion

Nigeria’s public debt, which includes domestic and external commitments of the Federal Government, 36 state governments, and the Federal Capital Territory (FCT), has climbed to N35.465 trillion as of June 30, according to the Debt Management Office (DMO). Ms. Patience Oniha, Director-General of the Debt Management Office, made the announcement during a public debt presentation on Wednesday evening. Nigeria’s total public debt stock, according to her, was N33.107 trillion ($87.239 billion) as of March 31, 2021, but had risen to N35.465 trillion by the end of June. From the end of the first quarter to the end of the second […]



N4.89 Trillion Budget Deficit To Be Funded By The World Bank, AfDB And Others – DMO

The Federal government is expected to borrow N4.89 trillion from multilateral institutions such as the African Development Bank Group, the World Bank, the International Fund for Agricultural Development, the Arab Bank for Economic Development in Africa, Eurobond, and the Islamic Development Bank to finance the budget deficit for 2022. This is according to the Debt Management Office’s report on Nigeria’s Debt Management Strategy for 2020-2023. According to the report, the Federal Government planned to borrow money for the 2022 budget from domestic sources, using securities such as Nigerian Treasury Bonds, Saving Bonds, Federal Government Bonds, Infrastructure Bonds, and Treasury Bonds.[…]



Nigeria Is Not In Debt, According To The DMO.

Despite the detrimental impact of Nigeria’s debt profile on the economy, the Debt Management Office (DMO) maintains that the country’s debt is still manageable because it has not yet reached the IMF and World Bank’s debt sustainability thresholds. According to it, the Economic Community of West African States (ECOWAS) has set a maximum debt limit of 70% of a country’s GDP for West African countries, with Nigeria still at 21%, while the DMO has set a 40% benchmark for external debt, with Nigeria still at 8%. The domestic debt is $53.04 billion, with the federal government owing $42.1 billion and[…]