Nigeria’s total public debt stock as at March rose to N49.95 trillion ($108.30 billion), the Debt Management Office (DMO), has said.
DMO in a statement posted on its official website yesterday, said the amount comprises the external and domestic debts of the Federal Government, the 36 states, and the Federal Capital Territory (FCT).
The debt stock excludes the Federal Government’s N22.719 trillion Ways and Means advances of the Central Bank of Nigeria (CBN), which was approved for securitisation by the National Assembly in May, and will be included in the Federal Government’s debt stock from this month.
Meanwhile, the DMO recently released the Market Access Country-Debt Sustainability Analysis (MAC-DSA) to promote transparency.
The MAC-DSA is a World Bank/IMF tool for best practices in public debt management, which the DMO adopted and has implemented over the years.
According to the DMO, it is an annual exercise it anchors with the participation of key Federal Government agencies, including the CBN, Budget Office of the Federation, and Office of the Accountant General of the Federation (OAGF).
Others are the National Bureau of Statistics (NBS), and the Federal Ministry of Finance, Budget and National Planning.
DMO Director-General, Patience Oniha, said the recently released DSA report highlights the need for more revenues to keep the public debt sustainable.
She said the 2022 DSA report also emphasised the need for the government to grow revenues.
She noted that some of the recent policies of the present administration are capable of enhancing debt sustainability.
“Policies like the removal of subsidies to manage expenditure and the focus on revenue through the appointment of a Special Adviser to the President on Revenue were positive steps for public debt sustainability,” Oniha said. (NAN)
Some of the recent policies of the present administration are capable of enhancing debt sustainability.
