Nigeria’s debt rises by N24.33t in three months

Nigeria’s debt has risen by N24.33 trillion in the last three months.

The Debt Management Office, which disclosed this on Thursday, said the country’s total public debt is now N121.67 trillion.

The DMO said as of March 31, 2024, the country’s domestic and external debts stood at N121.67 trillion ($91.46 billion).

The debt rose from N97.34 trillion ($108.23 billion) in December 2023 to N121.67 trillion ($91.46 billion).

This represents external and domestic borrowings by the Federal Government, 36 state governments and Federal Capital Territory.

While total domestic debt was put at N65.65 trillion ($46.29 billion), total external debt was N56.02 trillion ($42.12 billion).

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The DMO stated that total public debt grew from N59.12 trillion last December to N65.65 trillion as of March 2024.

Explaining how Nigeria incurred the debt, the DMO said: “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.

“Whilst borrowing, as provided in the 2024 Appropriation Act, will continue, we expect improvements in the Government’s Revenue to enhance debt sustainability.”