Nigeria’s debt hits N121trn

The Debt Management Office (DMO) says Nigeria’s total public debt stock hit N121.67 trillion ($91.46 billion) in March 2024.

The DMO Director-General, Patience Oniha, made this known in a statement issued on Thursday, June 20.

Oniha noted that Nigeria’s debt stock comprised the total external and domestic debts of the federal government, the 36 state governments, and the Federal Capital Territory (FCT).

She said the total domestic debt, as of March, was N65.65 trillion ($46.29), while the total external debt was N56.02 trillion ($42.12 billion).

The DMO boss disclosed that the comparative figure of the total debt stock for December 2023 was N97.34 trillion ($108.23 billion).

Nigeria borrows $2.25bn from World Bank

Oniha stated that the increase in the total debt stock was informed by growth in the domestic component of the debt to bridge the deficit in the 2024 budget, and instability in the foreign exchange market during the first quarter.

She noted: “Excluding naira exchange rate movements in the first quarter of 2024, only the domestic debt component of the total debt stock grew from N59.12 trillion on December 31, 2023, to N65.75 trillion on March 31.

“The increase was from new borrowing to part-finance the 2024 budget deficit and securitisation of a portion of the N7 3 trillion Ways and Means advances at the Central Bank of Nigeria (CBN).”

Oniha added that improvement in government revenue would go a long way in ensuring debt sustainability, while borrowing, as provided in the 2024 budget would continue.

The Star