Nigeria’s domestic debt profile stands at ₦3.685 trillion says DMO

From the Director General of the Debt Management Office, (DMO), Patience Oniha came the disclosure that the domestic debt profile of Nigeria now stands at ₦3.685 trillion

Oniha made this known when she appeared before the Mr Ahmed Safana-led House of Representatives committee on Aids Loans and Debt Management to defend the 2023 budget.

Oniha explained that the domestic debt profile rose from ₦3.2 trillion in 2022 to ₦3.3 trillion in 2023 due to high-interest rates from borrowed funds from domestic and international sources of funds.

She enjoined members of the committee to look at the borrowing of funds by the government from a commercial perspective saying borrowing is a collective responsibility

This did not go down well with the lawmakers who expressed concern over the continued rise of the nation’s debt profile.

The lawmakers observed that there is ₦1 trillion increase in the debt profile of the nation in the last year calling on the DMO to put a stop to the borrowings

Safana thereby directed the DMO to submit the relevant documents indicating the sale of assets, payment made and outstanding debts owed to the agency under the privatisation policy.