Nigeria’s total public debt has increased significantly to N121.67 trillion as of March 31, 2024.
The Debt Management Office (DMO) in a statement yesterday evening said this figure encompasses the combined domestic and external debts of the Federal Government of Nigeria (FGN), the 36 state governments, and the Federal Capital Territory (FCT).
This is a significant rise of N24.33 trillion or 24.99 per cent within a space of three months. DMO had announced that the total public debt as of December 31, 2023, stood at N97.34 trillion.
The increase is driven majorly by naira devaluation, as the debt is denominated in dollar terms. Nigeria is facing forex volatility which has led to the devaluation of the local currency.
The breakdown of the total debt as of March 31, 2024, shows that the domestic debt component was N65.65 trillion (approximately $46.29 billion), while the external debt component amounted to N56.02 trillion (approximately $42.12 billion).