The Auditor-General for the Federation has reported that the Debt Management Office (DMO) exceeded approved borrowing limits by N54.57 trillion between 2020 and 2024. The DMO contracted new domestic and external debt totalling N88.67 trillion, while the Federal Government's approved debt financing for the period was N34.10 trillion, below the N45.63 trillion in the DMO's borrowing plan. The findings were contained in a special audit of the DMO published in the 2024 Annual Report on Non-Compliance. The report also faulted the DMO for failing to adhere to the limits set in the Appropriation Acts.
Related Articles
Don't miss out on breaking stories and in-depth articles.