Nigeria’s debt stock surges by 24.99 percent to N121.67trn in March 2024 – DMO

The figure is a significant increase compared to the N97.34 trillion recorded on December 31, 2023.

According to DMO, the new debt figure reflects the combined domestic and external debts of the Federal Government of Nigeria, FGN, the 36 state governments, and the Federal Capital Territory.

The increase is driven primarily by naira devaluation, as the total debt was reduced in dollar terms by $16.77 billion, or 18.34 percent.

The statement reads: “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 of March 31, 2024.

“The comparative figure for December 31, 2023, was N97.34 trillion (USD108.23 billion). Total domestic debt was N65.65 trillion (USD 46.29 billion), while total external debt was N56.02 trillion (USD 42.12 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.