Latest
Naira’s Slide Fuels Debt Explosion: Nigeria’s Public Debt Reaches ₦142.3 Trillion
Nigeria’s total public debt climbed to ₦142.3 trillion as of September 30, 2024, marking a 5.97% increase from ₦134.3 trillion in June, according to the Debt Management Office (DMO).....KINDLY READ THE FULL STORY HERE▶
The rise in public debt, driven by both external and domestic obligations, highlights the significant impact of naira depreciation on the nation’s debt profile, particularly external borrowings.
External Debt Surge
In dollar terms, external debt recorded a marginal increase of 0.29%, rising from $42.90 billion in June to $43.03 billion in September. However, in naira terms, external debt surged by 9.22%, jumping from ₦63.07 trillion to ₦68.89 trillion within the same period. This sharp increase was primarily due to the naira weakening from ₦1,470.19/$ in June to ₦1,601.03/$ by September’s end.
Domestic Debt Dynamics
Domestic debt in dollar terms fell by 5.34%, from $48.45 billion in June to $45.87 billion in September. Despite this decline, domestic debt rose by 3.10% in naira terms, increasing from ₦71.22 trillion to ₦73.43 trillion during the same timeframe.
The Federal Government’s external debt edged up slightly, from $38.01 billion in June to $38.12 billion in September. States and the Federal Capital Territory (FCT) also saw a modest rise in external debt, from $4.89 billion to $4.91 billion.
On the domestic front, the Federal Government’s debt obligations increased from ₦66.96 trillion to ₦69.22 trillion, while states and the FCT recorded a slight decrease from ₦4.27 trillion to ₦4.21 trillion.
Federal Bonds Lead Domestic Debt
Federal Government bonds remained the dominant component of domestic debt, accounting for 78.95% of the total domestic debt stock, an increase from 78.13% in the previous quarter.
Energy Sh*ck Fears Rise As Hormuz Remains Closed, Diplomacy Fails
Drama In National Assembly Debate As Farotimi Slams Akpabio’s Leadership Credentials
Tension Sparks As CAN Disowns Invitation Claim Involving Sultan Of Sokoto
Political Earthquake: Ibrahim Shekarau Dumps Peoples Democratic Party, Returns To All Progressives Congress
Ize Iyamu’s Continuous Stakeholder Consultations Reshape Political Dynamics in Edo South
Abba Kabir Yusuf Declares: ‘I Am APC Leader In Kano, Ganduje Can’t Give Me Orders
Here’s What Happened” — Ex-Army Chief Buratai Speaks On Borno Airstrike Tragedy
Succession Buzz: Olusi Reveals Who May Replace Sanwo-Olu In 2027
Amaechi Sparks Debate: Atiku’s Electoral Strength May Be Confined To The North
