Nigeria’s Total Public Debt Rises to N121.67tr as of March 2024
By Patience Ikpeme
The Debt Management Office (DMO) has revealed that Nigeria’s Total Public Debt has surged to N121.67 trillion (USD91.46 billion) as of March 31, 2024.
This figure is made up of the Total Domestic and External Debts of the Federal Government of Nigeria (FGN), the thirty-six state governments, and the Federal Capital Territory (FCT).
This significant increase represents a jump from the N97.34 trillion (USD108.23 billion) recorded on December 31, 2023.
Breaking down the components, Total Domestic Debt reached N65.65 trillion (USD46.29 billion), while Total External Debt stood at N56.02 trillion (USD42.12 billion).
The DMO highlighted that, excluding the effects of Naira exchange rate movements in the first quarter of 2024, only the Domestic Debt component of the Total Public Debt showed growth.
Specifically, Domestic Debt rose from N59.12 trillion at the end of December 2023 to N65.65 trillion by the end of March 2024. This increase is primarily attributed to new borrowings intended to partially finance the 2024 Budget deficit and the securitization of a portion of the N7.3 trillion Ways and Means Advances at the Central Bank of Nigeria.
The DMO noted that borrowing, as outlined in the 2024 Appropriation Act, will persist. However, it also expressed optimism that improvements in government revenue would bolster debt sustainability.
As the nation navigates this escalating debt landscape, the DMO’s disclosure underscores the need for strategic financial management and enhanced revenue generation to mitigate the long-term impacts
