Nigeria’s external debt stock is projected to rise to $45.1bn by the end of 2024 as the Federal Government seeks additional funding to bolster the economy, according to the Debt Management Office (DMO).
The DMO revealed in its latest report that the country’s external debt increased by $780m in the second quarter of 2024, climbing from $42.12bn in March to $42.9bn in June.
In a new development, the Federal Executive Council (FEC) last Thursday approved a $2.2bn external borrowing plan to finance the Federal Government’s 2024 Appropriation Act.
The Minister of Finance, Wale Edun, announced the approval during a briefing with State House correspondents at the Aso Rock Villa in Abuja.
He disclosed that the borrowing plan included a mix of Eurobond and Sukuk offerings, valued at $1.7bn and $500m, respectively.
“These funds are expected to bolster Nigeria’s fiscal stability amid ongoing economic reforms,” Edun stated, adding that the allocation between the…