Public Debt In Nigeria Reaches Record N121.7 Trillion Mark

Public Debt In Nigeria Reaches Record N121.7 Trillion Mark....KINDLY READ THE FULL STORY HERE▶

Nigeria’s total public debt reached N121.67 trillion ($91.46 billion) by the end of March this year, according to the Debt Management Office (DMO). This figure encompasses both domestic and external debts of the Federal Government of Nigeria (FGN), the 36 state governments, and the Federal Capital Territory (FCT).

Comparatively, as of December 31, 2023, the total debt was N97.34 trillion ($108.23 billion), comprising N65.65 trillion ($46.29 billion) in domestic debt and N56.02 trillion ($42.12 billion) in external debt.

Excluding fluctuations in the Naira exchange rate in Q1 2024, the domestic debt portion of the total public debt rose from N59.12 trillion as of December 31, 2023, to N65.65 trillion by March 31, 2024.

This increase primarily resulted from new borrowing to help cover the deficit outlined in the 2024 Budget and the securitization of part of the N7.3 trillion Ways and Means Advances from the Central Bank of Nigeria.

The government plans to continue borrowing as stipulated in the 2024 Appropriation Act, with hopes that enhanced revenue generation will improve debt sustainability.