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Nigeria’s Debt Stock Skyrockets To $91.46 Billion



President Tinubu

The Debt Management Office (DMO) has announced that Nigeria’s total public debt stock has ballooned to a whopping N121.67 trillion (approximately $91.46 billion) as of March 2024.

This marks a significant surge from the N97.34 trillion ($108.23 billion) recorded in December 2023.

According to the DMO’s Director-General, Patience Oniha, the debt stock comprises both external and domestic debts incurred by the federal government, the 36 state governments, and the Federal Capital Territory (FCT).

The total domestic debt stands at N65.65 trillion ($46.29 billion), while the total external debt amounts to N56.02 trillion ($42.12 billion).

The DMO attributed the alarming increase in the debt stock to the growth in domestic debt, which was used to bridge the deficit in the 2024 budget and mitigate the impact of foreign exchange market instability during the first quarter.

Excluding the effects of Naira exchange rate movements, the domestic debt component alone rose from N59.12 trillion on December 31, 2023, to N65.75 trillion on March 31, 2024.

The new borrowing, Diaspora Digital Media understands, was used to part-finance the 2024 budget deficit and securitize a portion of the N7.3 trillion Ways and Means advances at the Central Bank of Nigeria (CBN).

The DMO emphasized that improving government revenue would be crucial in ensuring debt sustainability, while borrowing, as provided in the 2024 budget, would continue.

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