“Ways and Means” Loans Responsible for Domestic Debt Surge”- DMO Clarifies Figures - The Top Society

“Ways and Means” Loans Responsible for Domestic Debt Surge”- DMO Clarifies Figures

The Debt Management Office (DMO) of Nigeria has disclosed a significant increase in the country’s total domestic debt stock from December 2022 to June 2023. In a statement released on Thursday, the DMO clarified that the inclusion of N22.719 trillion securitized Ways and Means advances was the primary factor behind this surge.
Contrary to earlier reports, the DMO emphasized that the total domestic debt figure of N55.93 trillion, previously published, pertained to September 30 and not December 30. The DMO sought to correct misconceptions.
The attention of the DMO has been drawn to some comments in the media on Nigeria’s debt stock figures as of Sept. 30.

“The increase in the total domestic debt stock between June 30 and Sept. 30 was 3.3 per cent.

“The total domestic debt grew sharply between December 2022 and June due to the inclusion of the securitized Ways and means advances which was added to the debt stock in June,” DMO report stated.

As of September 30, the country’s public debt stock reached a substantial N87.91 trillion ($114.35 billion). This comprehensive amount encompasses the combined domestic and external debts of the Federal Government, the 36 state governments, and the Federal Capital Territory (FCT). The reported N87.91 trillion debt stock signifies a marginal increase of 0.61 per cent compared to the June figure of N87.38 trillion.
The DMO’s clarification aims to provide accurate information amid media comments on Nigeria’s debt stock figures. The intricacies of the domestic debt landscape underscore the economic challenges facing the nation, prompting stakeholders to closely monitor fiscal policies and debt management strategies in the coming months.
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