The proposed securitization of the N22.7tn 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 N 77 trillion debt stock at the end of this administration. The Debt Management Office (DMO) explained in a statement, this afternoon, 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.

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, the Director-General of the Debt Management Office explained that using the actual Public Debt Stock of N44 Trillion as at September 30, 2022 as a basis and taking into account a number of on-going activities, the Total Public Debt Stock, that is the External and Domestic Debt of the Federal Government, thirty-six (36) State Governments and the Federal Capital Territory would be about N77 Trillion.

The projected Debt Stock for May 2023 also includes N5.567 Trillion representing about 50% of the New Borrowing of N11.134 Trillion in the 2023 Appropriation Act as well as New Promissory Notes estimated at N1.5 Trillion to be issued to settle arrears of the FGN and judgement debts.
Also included are estimates for new borrowing by the State Governments and FCT.