Business Highlight

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

Samuel AkpanJune 21, 20241 Mins read1.5k

The Debt Management Office (DMO) has disclosed that Nigeria’s total public debt stock has increased by 24.99 percent to N121.67 trillion (approximately $91.46 billion) as of March 31, 2024.

A statement on Thursday announced the most recent debt stock figure.

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.

“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.”