DMO explains CBN Ways & Means contribution to N77trn projected debt stock
THE proposed securitization of the N22.7 trillion Central Bank of Nigeria (CBN) Ways and Means (loan) to the Federal Government when approved by the National Assembly would be the largest source of the Projected N77 trillion debt stock at the end of this administration. The Debt Management Office (DMO) explained that the debt stock did not represent borrowings under the current administration, having built up from past administrations. It explained further that the public debt stock was the total sum of debts owed by the federal and state governments, as well as, the Federal Capital Territory. DMO’s statement reads: “At the Public Presentation of the 2023 Appropriation Act by the Honourable Minister of Finance, Budget and National Planning Hajia (Dr) Zainab Shamsuna Ahmed, CON, one of the participants asked a question on the projected level of debt stock by May 2023 when the tenor of the current administration would come to an end. “In response to the question, the Director...