Nigeria’s public debt stands at N121.7trn

Nigeria’s Total Public Debt hitt N121.67trillion ($91.46 billion) by the end of March 2024.

This was confirmed by the Debt Management Office (DMO) last night.

DMO noted that the figure comprised of total Domestic and External Debts of the Federal Government of Nigeria (FGN), the thirty-six (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.