DMO Borrowed N54.6trn Without Approval, Auditor General Says

The Auditor General for the Federation revealed that the Debt Management Office (DMO) exceeded the approved borrowing limits for Nigeria by N54.57 trillion between 2020 and 2024. The DMO contracted new domestic and external debts totaling N88.67 trillion, while the Federal Government's approved debt financing was only N34.10 trillion for the same period.

The findings were published in the 2024 Annual Report on Non-Compliance, which covered the period from January 1, 2020, to December 31, 2024. The report indicated that the DMO's new debt issues included N8.21 trillion in 2020, N9.66 trillion in 2021, N10.21 trillion in 2022, N39.19 trillion in 2023, and N21.40 trillion in 2024, all exceeding the approved amounts.

The DMO contested the Auditor General's calculations, claiming the N88.67 trillion figure was misleading as it included components not classified as new borrowing. The report also highlighted weaknesses in the DMO's internal control system, raising concerns about unapproved debts and transparency.