The Debt Management Office (DMO) of Nigeria has revealed that the country’s total public debt surged to N121.67 trillion (approximately $91.46 billion) as of March 31, 2024.
This figure includes the combined domestic and external debts of the Federal Government, the thirty-six state governments, and the Federal Capital Territory (FCT).
In comparison, the total public debt was N97.34 trillion (approximately $108.23 billion) on December 31, 2023.
This marks a significant increase of N24.33 trillion or 24.99% over just three months. The primary driver of this increase was the devaluation of the naira, which reduced the total debt in dollar terms by $16.77 billion or 18.34%.
As of March 31, 2024, the domestic debt was N65.65 trillion (approximately $46.29 billion), while the external debt stood at N56.02 trillion (approximately $42.12 billion), meaning that 53.96% of the total debt is owed to domestic creditors.
Excluding the impact of naira exchange rate movements, domestic debt saw a notable increase from N59.12 trillion at the end of December 2023, rising by N6.53 trillion or 11.05%.
This increase is attributed to new borrowing to partially finance the 2024 budget deficit and the securitization of part of the N7.3 trillion Ways and Means Advances at the Central Bank of Nigeria (CBN).
In a statement, the DMO said: “Nigeria’s Total Public Debt, comprising the Total Domestic and External Debts of the Federal Government of Nigeria (FGN), the thirty-six (36) state governments, and the Federal Capital Territory (FCT), stood at N121.67 trillion (USD91.46 billion) as at March 31, 2024.
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, 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.”
