Economy

77 trillion debt: Alarm over national debt unnecessary – DMO

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The Debt Management Office (DMO) has said that the alarm created around the country’s projected public debt was unnecessary.

The Director-General, Mrs Patience Oniha, said this in a statement to react to reports that the next government would inherited N77 trillion debts.

She stated that Nigeria’s debt would only attain that level when the Ways and Means Advances from the CBN were securitised.

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According to her, the securitisation of the Ways and Means Advances will enable the DMO to include the debt in the public debt stock thereby improving debt transparency.

Oniha had explained the projected debt stock using the actual public debt stock of N44 trillion as a basis.

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She stated that the total debt stock included external and domestic debts of the Federal Government, the 36 state governments and the FCT.

“Taking into account a number of on-going activities, the total public debt stock; that is the external and domestic debts of the Federal Government, the 36 state governments and the FCT would be about N77 trillion.

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“The debts that will be added to the public debt data in 2023 include the N1 trillion Ways and Means Advances to finance the supplementary budget.

“This has already been approved by the National Assembly (NASS).

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