Abuja, June 26, 2024 – The Debt Management Office (DMO) says the securitisation of N4.90 trillion Ways and Means loan and foreign exchange rates differences are responsible for the rise of Nigeria’s total debt stock by N24 trillion to N121.67 trillion at the end of March 2024.
The Director General of DMO, Patience Oniha, disclosed this in an interview with NAN on Tuesday in Abuja.
This comes as Nigerian stakeholders raised an alarm over the country’s rising debt profile.
Nigeria’s public debt stock grew from N97.34 trillion in December to N121.67 trillion at the end of March 2024.
This represents a 24.99 per cent (or N24.33 trillion) increase in the country’s debt portfolio in under three months.
However, Oniha clarified the misconceptions about the recently released update of the country’s total debt profile.
She said that the securitisation of N4.90 trillion as part of the securitisation of the N7.3 trillion Ways and Means advances approved by the National Assembly was also responsible for the N24.33 trillion increase in the debt stock.
According to her, there is also the interest rate and new borrowing of N2.81 trillion as part of the N6.06 trillion provided in the 2024 budget.
