Nigeria’s Total Public Debt, comprising the Total Domestic and External Debts of the Federal Government of Nigeria (FGN), the 36 state governments, and the Federal Capital Territory (FCT), rose to N121.67 trillion (US091.46 billion) in March 31, 2024.
The data released by the Debt Management Office (DMO) on Thursday showed that the Public Debt increased by N24.33 trillion comparative to the figure recorded in December 31, 2023, which was N97.34 trillion (USD108.23 billion).
DMO said, the Total Domestic Debt was N65.65 trillion (USD46.29 billion) while Total External Debt was N56.02 trillion (USD42.12 billion).
It said, excluding Naira exchange rate movements in Q1 2024, 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 Office explained that 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.
Whilst borrowing, as provided in the 2024 Appropriation Act, will continue, DMO said, it expects improvements in the Government’s Revenue to enhance debt sustainability.
