Nigeria’s Debt Management Office (DMO) has revealed that the Federal Government has incurred a new N950bn domestic borrowing between January 2022 and March 11, 2022.

This was disclosed by the Director-General of the DMO, Patience Oniha, at the presentation of the nation’s Public Debt Data.

The Document presented by the Director-General revealed that the Federal Government was contemplating getting external funds.

While speaking, she stated that all options for raising funds externally are being considered. These include funding from multilateral and bilateral sources – the International Capital Markets, and the $3.35bn Special Drawing Rights allocated by the International Monetary Fund to the Central Bank of Nigeria.

In addition, the document stated that the Federal Government still plans to borrow an additional N1.6tn, while the 2022 debt target for domestic borrowing is N2.57tn.

In total, the Federal Government plans to add N6.3tn new debts to the current debt stock, which would push the country’s total debt stock to N45.86tn by December 2022.

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