The recent report published by Debt Management Office (DMO) revealed that Nigeria’s Total Public Debt in Naira terms stood at N121.67 trillion as at March 31, 2024 (Q1, 2024). This translates to a growth of 24.99% when compared to N97.34 trillion recorded as at December 31, 2023 (Q4, 2023).
According to DMO, the debt stock include the domestic and the external debt stock of the 36 States and the Federal Capital Territory.
Explaining the Q1 2024 total public debt data, the Debt Management Office pointed out that variation in the USD/Naira Exchange Rate affected the debt stock between the periods under review (Q4 2023 and Q1 2024).
In terms of US Dollar, Nigeria’s Total Debt actually declined in Q1 2024 ($91.46 billion), when compared to Q4 2023 ($97.34 billion).
The difference in the exchange rate for the 2 periods is responsible for the sharp increase of N24.33 trillion. The increase in Naira terms is not because of new borrowings.