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The Debt Management Office (DMO) is a government agency established on 4 October 2000, tasked with centralizing the management of Nigeria's debt. [1] It was created in response to challenges in Nigeria's debt portfolio, which included high external and domestic debt, substantial debt service, low external reserves, and weak debt management capacity.
Consequently, as Nigeria grows increasingly reliant on the oil and gas sector, which serves as the largest contributor to government revenues and a large portion of its total exports, it is often subjected to the volatility of the petroleum market. [5] As of 2021, Nigeria held the position of being the world's sixth-largest producer of natural ...
The Nigeria national debt or simply national debt of Nigeria is the total amount of money that the Federal Government of Nigeria owes to its creditors, both domestic and external. The national debt is composed of two main components: debt held by the public and debt held by government accounts.
The Central Bank of Nigeria (CBN) is the central bank and apex monetary authority of Nigeria established by the CBN Act of 1958 and commenced operations on 1 July 1959. [3] The major regulatory objectives of the bank as stated in the CBN Act are to: maintain the external reserves of the country; promote monetary stability and a sound financial environment, and act as a banker of last resort ...
Change in per capita GDP of Nigeria, 1950–2018. Figures are inflation-adjusted to 2011 International Geary-Khamis dollars. The economy of Nigeria is a middle-income, mixed economy and emerging market [27] [28] with expanding manufacturing, financial, service, communications, technology, and entertainment sectors.
In addition to printing the banknotes and the postal orders of Nigeria, it has struck some of the coins of Nigeria. It also prints stamps. The Central Bank of Nigeria (CBN) is the sole issuer of legal tender money throughout the Federation. It controls the volume of money supply in the economy in order to ensure monetary and price stability.
Nigeria's lawmakers on Thursday approved the new government's first supplemental budget, which includes huge allocations for SUVs and houses for the president, his wife and other public officials ...
A senior civil servant acts as Permanent Secretary of the minister, assisting the politically appointed Minister of Finance, who is a member of the President's cabinet.. The Federal Ministry of Finance is led by the Honourable Minister of Finance and Coordinating Minister of the Economy, who serves as the chief executive officer.