Recent publication by the Debt Management Office (DMO) revealed that Nigeria’s total public debt as at March 31, 2024 stood at N121.67 trillion. The comparative figure for December 31 2023 was N97.34 trillion.
According to DMO, Nigeria’s Total Domestic Debt was N65.65 trillion while Total External Debt was N56.02 trillion.
The Debt Management Office Stated thus:
“Excluding Naira Exchange rate movement in Q1 2024, only the Domestic Debt component of Total Public Debt grew from N59.12 trillion on December 31, 2023 to N65.65 trillion on March 31, 2024. The increase was from new borrowing to part-finance the 2024 Budget Deficit and securitization of a portion of the N7.3 trillion Ways and Means Advances at the Central Bank of Nigeria.
Whilst borrowing, as provided in 2024 Appropriation Act will continue, we expect improvement in the Government’s Revenue to enhance debt sustainability”.