Nigeria’s Debt Rises By ₦24.33trn In Three Months, Now ₦121.67trn

The Debt Management Office (DMO) on Thursday, disclosed that Nigeria’s total public debt is now ₦121.67 trillion ($91.46 billion).

According to DMO, the country’s domestic and external debts, as of March 31, 2024, stood at ₦121.67 trillion ($91.46 billion).

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).

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).

The DMO stated that total public debt grew from ₦59.12trn last December to ₦65.65trn as of March 2024.
The total debt was reduced in dollar terms by $16.77bn or 18.34 per cent, as the increase was driven majorly by naira depreciation.

The office used an official exchange rate of ₦1,330/$ to convert external debts to naira from ₦899.39 used to convert the debt in December 2023.

It added that excluding the impact of the naira exchange rate movement in the first quarter of 2024, the domestic debt saw a marked increase to ₦65.65tn on March 31, 2024, from ₦59.12tn on December 31, 2023.