Nigeria’s financial sector credit to the federal government increased month-on-month by 3.5 percent to N32.3 trillion in July 2023 from N31.2 trillion in June.
This was disclosed by the Central Bank of Nigeria (CBN) in its Money and Credit Statistics data for July.
The apex bank said the credit to the private sector also rose during the period.
According to the data, credit to the private sector grew by 2.3 percent to N54 trillion in July from N52.8 trillion in June. This resulted in a net domestic credit MoM growth of 2.85 percent to N86.4 trillion in July from N84 trillion in June.
The Debt Management Office (DMO) put Nigeria’s total public debt at N49.85 trillion as at the end of the first quarter of 2023 (Q1’23), representing an increase of N3.60 trillion compared to N46.25 trillion recorded at the end of December 2022.
However, CBN in its monthly economic report for February 2023, noted that the Federal Government spent N408.5 billion on debt servicing during the period.
