Nigeria’s Public Debt Increased by N24.33 Trillion, Hits N121.7 Trillion

Nigeria’s Total Public Debt has  risen to N121. 67 trillion ($91. 46 billion) at the end of March this year.

The figure represents an increase of N24.33 trillion or 24.99% in a period of three month from the N97.34 trillion as of December 2023.

The Debt Management Office (DMO) said in its latest report that the figure comprised of total Domestic and External Debts of the Federal Government of Nigeria (FGN), the 36 state governments, and the Federal Capital Territory (FCT).

The comparative figure for December 31, 2023, was N97.34 trillion (USD108.23 billion). Total Domestic Debt was N65.65 trillion (USD46.29 billion) while Total External Debt was N56.02 trillion (USD42.12 billion).

Excluding Naira exchange rate movements in Q1 2024, the Domestic Debt component of Total Public Debt grew from N59.12 trillion on December 31, 2023, to N65.65 trillion on March 31, 2024.

The increase was from new borrowing to part-finance the 2024 Budget deficit and securitization of a portion of the N7.3 trillion Ways and Means Advances at the Central Bank of Nigeria.

The government said it would continue with borrowing, as provided in the 2024 Appropriation Act but expressed optimism improvements in the revenue would enhance debt sustainability.