Nigeria's Public Debt Soars by N24.33trn in Just 3 Months — DMO

According to DMO, Nigeria's public debt rose by N24.33 trillion in just three months.

Nigeria's Public Debt Jumps by N24.33trn in Q1, Reaches N121.67trn - DMO Report. The significant increase is attributed to naira devaluation, with external debt standing at N56.02trn and domestic debt at N65.65trn as of March 31, 2024.

The Debt Management Office (DMO) has disclosed a significant rise in the total public debt of the country, which stood at N121.67 trillion (about $91.46 billion) as of March 31, 2024.

This sum includes the combined external and internal debts of the Federal Government of Nigeria, the 36 state governments, and the Federal Capital Territory (FCT), according to the DMO statement.

By comparison, the total amount of public debt as of December 31, 2023, was N97.34 trillion, or almost $108.23 billion. Over the course of three months, this represents a notable gain of N24.33 trillion, or 24.99 percent.

The increase is primarily attributable to the devaluation of the naira, which decreased the overall debt in terms of dollars.

The public debt statement for the fourth quarter of 2023 said, in part: “Nigeria's public debt stock as of December 31, 2023, was N97.34 trillion or $108.229 billion.”

“This amount comprises the domestic and external debt stocks of the Federal Government of Nigeria, the 36 state governments, and the Federal Capital Territory.”

The increase is primarily attributable to the devaluation of the naira, which decreased the overall debt in terms of dollars.

The breakdown of the overall debt as of March 31, 2024, shows that the external debt was N56.02 trillion (about $42.12 billion) and the domestic debt was N65.65 trillion (about $46.29 billion).

A country can obtain additional funding for economic development through the use of public debt. A nation can carry out larger initiatives in this manner that will support its development.