The Debt Management Office (DMO) says Nigeriaâs total public debt has risen to N121.67 trillion in three months.
The amount represents an increase of N24.33 trillion or 24.99% from the N97.34 trillion as of December 2023.
Nigeriaâs debt stock consists of the Nigerian government’s domestic and external debts incurred by the 36 states and the Federal Capital Territory (FCT).
The DMO said the rise was due mostly to the Nigerian government’s new domestic borrowings to fund the 2024 budget deficit and the disbursement by multilateral bilateral creditors.
The DMO said:
The World Bank recently approved a $2.25 billion loan for Nigeria to accelerate development in rural areas.
Finance minister and coordinating minister of the economy, Wale Edun, confirmed the new World Bank facility.
According to reports, the Bureau of Public Enterprises (BPE) said the Nigerian government secured a $500 million World facility to enhance electricity distribution in Nigeria.
The Nigerian government had previously obtained $750 million from the World Bank for humanitarian and social reforms and $1.5 billion for its economic stabilization plan.
Meanwhile, the World Bank has listed conditions that could lead to loan cancellation for Nigeria.
Per reports, the global lender indicated that it may cancel the $1.5 billion loan if Nigeria fails to meet the requirements outlined in the financing agreement.
The information is based on the financing agreement for Nigeriaâs Reforms for Economic Stabilisation to Enable Transformation (RESET) Development Financing Programme (DPF) project.
The World Bank said:
A previous report by TimesNow.com.ng revealed that the World Bank Group is Nigeriaâs biggest lender, with an estimated $14 billion, according to DMO data.
TimesNow.com.ng reported that DMO data has revealed that Nigeriaâs public debt has hit about N97.34 trillion as of Q4 2023.
DMO stated this in a statement on Friday, March 22, 2024.
The DMO said Nigeriaâs public debt, as of December 31, 2023, stood at 97.34 trillion or $108.22 billion.
Proofread by Kola Muhammed, journalist and copyeditor at TimesNow.com.ng
Source: TimesNow.com.ng
