Nigeria’s total public debt (domestic and external) stood at N121.67 trillion as at the end of first quarter (31/03/24) of this year. The Debt Management Office (DMO) stated in a press statement in Abuja that the figure is the total of Federal Government, 36 states, and the Federal Capital Territory debt.
The total debt stock represents an increase of 24.99% from the total debt stock in the corresponding period of 2023. In dollar terms, the country’s total debt stock as at the end of the first quarter of this year was USD91.46 billion compared to USD108.23 billion as at March 31, 2023.
A breakdown of the debt stock shows that total domestic debt as at March 31, 2024 was N65.65 trillion or USD46.29 billion, while external debt was N56.02 trillion or USD42.12 billion.
The DMO said excluding Naira exchange movements in the first quarter of the year, 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. According to it, 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.
“While borrowing, as provided in the 2024 Appropriation Act, will continue, we expect improvements in the government’s revenue to enhance debt sustainability” the DMO assured.