Nigeria’s Debt Soars by ₦24.33 Trillion in Three Months, Reaches ₦121.67 Trillion

According to the Debt Management Office (DMO), Nigeria’s total public debt has reached ₦121.67 trillion ($91.46 billion) as of March 31, 2024.

This includes both domestic and external debts. Within a span of three months, Nigeria’s debt increased by ₦24.33 trillion, rising from ₦97.34 trillion ($108.23 billion) in December 2023 to ₦121.67 trillion ($91.46 billion).

The debt comprises borrowings by the Federal Government, the 36 state governments, and the Federal Capital Territory (FCT).

The DMO further revealed that the total domestic debt amounted to ₦65.65 trillion ($46.29 billion), while the total external debt stood at ₦56.02 trillion ($42.12 billion).

The increase in debt was attributed to new borrowing to partially finance the 2024 Budget deficit and the securitization of a portion of the ₦7.3 trillion Ways and Means Advances at the Central Bank of Nigeria.

The DMO expects improvements in the government’s revenue to enhance debt sustainability, while President Bola Tinubu plans to present the 2024 Supplementary Budget to the National Assembly.