The Debt Management Office, DMO, has explained that the securitisation of N4.90 trillion Ways and Means loan and differences in foreign exchange rates are responsible for the increase 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.
She, however, emphasised that the debt stock included the domestic and external debt stock of the 36 states and the Federal Capital Territory, FCT. “The total public debt as of March 31 showed that the total public debt in naira terms stood at N121.67 trillion compared to N97.34 trillion as of December 31, 2023.