The Debt Management Office has stated that the total domestic debt stock may have risen by one hundred and thirty three per cent to fifty one trillion naira as of the end of 2023.
This is based on new revelations by the Director-General of the Debt Management Office, Patience Oniha.
While speaking to CNBC Africa on the sidelines of the discussions for the establishment of the African Debt Managers Initiative Network spearheaded by the African Development Institute of the African Development Bank in Abuja, she disclosed that the Federal Government had raised seven trillion naira as total new domestic borrowing in 2023.
Oniha claimed that as of the end of December 2022, Nigeria’s total domestic debt was over twenty two trillion naira. This increased significantly by the end of June to forty eight point two trillion naira.
Commenting on the makeup of debt, Oniha noted that several of the investors in the securities issued were institutions whose balance sheets were growing including asset managers, fund managers, pension funds, insurance companies, and banks.
She, however, argued that based on available data it could be speculates that stability was returning to the market.