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The public debt burden in Nigeria comprises two major sources: internal or domestic debt and external or foreign debt. [17] The Debt Management Office (DMO), established by the Debt Management Office (Establishment) Act, 2003, plays a crucial role in coordinating and managing the country's debt stock, both internal and external.
[1]: 81 A debt instrument is a financial claim that requires payment of interest and/or principal by the debtor to the creditor in the future. Examples include debt securities (such as bonds and bills), loans, and government employee pension obligations. [1]: 207 Net debt equals gross debt minus financial assets that are debt instruments.
The committee evaluates loan requests, scrutinizes their potential impact on Nigeria's debt profile, and makes recommendations to the House. [ 2 ] As of January 2025, the committee is chaired by Honourable Abubakar Hassan Nalaraba , with Honourable Lanre Okunlola serving as the deputy chairman.
This is a list of countries by external debt: it is the total public and private debt owed to nonresidents repayable in internationally accepted currencies, goods or services, where the public debt is the money or credit owed by any level of government, from central to local, and the private debt the money or credit owed by private households or private corporations based on the country under ...
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.
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.
In 2012, Nigeria's external debt was an estimated $5.9 billion and N5.6 trillion domestic, putting total debt at $44 billion. [172] In April 2006, Nigeria became the first African country to fully pay off its debt owed to the Paris Club. [173]
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 ...