DMO LISTS NIGERIA’S LARGEST CREDITORS AS OF DECEMBER 2023 

The federal government has revealed that the total public debt in Nigeria is an estimated N97.34 trillion as of December 2023.

This is according to data from the Debt Management Office (DMO) stating an increase of 146% from N39.56 trillion at the end of the previous year.

According to media reports the major reason for the significant increase is the addition of CBN’s N20 trillion ($48 billion) in Ways and Means lending to the government and about 60% devaluation of naira.

Meanwhile, the federal and state governments owe a combination of domestic and foreign debts. 

Domestic debt is made up of FGN securities, treasury bills, and more recently, CBN’s Ways and Means.

However, On the foreign scene, Nigeria owes countries like China, France, Germany and Japan (bilateral debts) and multilateral institutions like the World Bank, International Monetary Fund (IMF), Islamic Development Bank (IsDB) and the African Development bank (AfDB).

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