Nigeria’s public debt now ₦121.67trn, says DMO

Nigeria’s total public debt is now ₦121.67 trillion ($91.46 billion), the Debt Management Office (DMO) said on Thursday.

The DMO said as of March 31, 2024, the country’s domestic and external debts stood at ₦121.67 trillion ($91.46 billion).

Nigeria’s debt rose by ₦24.33 trillion within three months – from ₦97.34 trillion ($108.23 billion) in December 2023 to ₦121.67 trillion ($91.46 billion).

The debt represents external and domestic borrowings by the Federal Government and the 36 state governments and the Federal Capital Territory (FCT).

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While total domestic debt was put at ₦65.65trn ($46.29bn), total external debt was ₦56.02trn ($42.12bn).

The DMO stated that total public debt grew from ₦59.12trn last December to ₦65.65trn as of March 2024.

It noted that “the increase was from new borrowing to part-finance the 2024 Budget deficit and securitization of a portion of the ₦7.3 trillion Ways and Means Advances at the Central Bank of Nigeria”.

“Whilst borrowing, as provided in the 2024 Appropriation Act, will continue, we expect improvements in the Government’s Revenue to enhance debt sustainability.”