June 21, 2024

Nigeria’s public debt hits N121.7trn

Nigeria’s China loan repayment

By Emma Ujah,  Abuja Bureau Chief 

 Nigeria’s Total Public Debt stood at N121. 67 trillion ($91. 46 billion) at the end of March this year.

The Debt Management Office (DMO) said last night, that the figure comprised of total Domestic and External Debts of the Federal Government of Nigeria (FGN), the thirty-six (36) state governments, and the Federal Capital Territory (FCT).

 The comparative figure for December 31, 2023, was N97.34 trillion (USD108.23 billion). Total Domestic Debt was N65.65 trillion (USD46.29 billion) while Total External Debt was N56.02 trillion (USD42.12 billion). 

Excluding Naira exchange rate movements in Q1 2024, 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. 

The government said it would continue with borrowing, as provided in the 2024 Appropriation Act but expressed optimism  improvements in the revenue would  enhance debt sustainability.