Nigeria Newspapers Online

Nigeria’s public debt has hit ₦121.67 trillion ($91.46 billion), according to the Debt Management Office (DMO).

Data released by the DMO showed that the government of President Bola Tinubu borrowed ₦6.53tn between December and March.

This includes the securitasation of Ways and Means. The DMO said as of March 31, 2024, the country’s domestic and external debts stood at ₦121.67 trillion ($91.46 billion).

The debt represents external and domestic borrowings by the Federal Government and the 36 state governments and the Federal Capital Territory (FCT).

While total domestic debt was put at ₦65.65trn ($46.29bn), total external debt was ₦56.02trn ($42.12bn).

Nigeria’s debt rose by ₦24.33 trillion within three months – from ₦97.34 trillion ($108.23 billion) in December 2023 to ₦121.67 trillion ($91.46 billion).

While total domestic debt was put at ₦65.65trn ($46.29bn), total external debt was ₦56.02trn ($42.12bn).

The DMO stated that total public debt grew from ₦59.12trn last December to ₦65.65trn as of March 2024.

“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 ₦7.3 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.”