The Debt Management Office, DMO, said that Nigeria’s total public debt has increased by 24.99 per cent to N121.67 trillion (approximately $91.46 billion) as of March 31, 2024.
DMO disclosed this in a statement on Thursday. The figure is a significant increase compared to the N97.34 trillion recorded on December 31, 2023.
According to DMO, the new debt figure encompasses the combined domestic and external debts of the Federal Government of Nigeria, FGN, the 36 state governments, and the Federal Capital Territory, FCT.
The increase is driven majorly by naira devaluation, as the total debt was reduced in dollar terms by $16.77 billion or 18.34 per cent.
“Nigeria’s Total Public Debt, comprising the Total Domestic and External Debts of the Federal Government of Nigeria (FGN), the thirty-six (36) state governments, and the Federal Capital Territory (FCT), stood at N121.67 trillion (USD91.46 billion) as at March 31, 2024. 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, only 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 statement from DMO reads.
In March 2024, D