DMO Borrowed N54.6trn Without Budgetary Approval-Auditor-General
Nigeria's Auditor-General reported that the Debt Management Office (DMO) borrowed N54.6 trillion beyond approved budgetary limits between 2020 and 2024. The report cites significant internal control weaknesses and a lack of National Assembly approval for the excess debt.
Why it matters
The findings raise serious concerns regarding government financial transparency, fiscal accountability, and the potential for long-term economic instability in Nigeria.
The Debt Management Office (DMO) exceeded the approved borrowing for the country by N54.57 trillion between 2020 and 2024, contracting new domestic and external debt issues totalling N88.67 trillion, the Auditor General for the Federation has reported.
The office of the Auditor General in its annual report on non-compliance/internal control weaknesses in ministries, departments and agencies (MDAs) of the federal government of Nigeria for the year ended 31st December, 2024, also faulted the DMO for failing to adhere to the limits of the estimates contained in the Appropriation Acts, saying the Federal Government’s approved debt financing of N34.10 trillion for the five year period was below the N45.63 trillion contained in the DMO’s borrowing plan.
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