The Debt Management Office (DMO) of Nigeria has announced that the nation’s total public debt has increased significantly to N121.67 trillion (approximately $91.46 billion) as of March 31, 2024.
According to a statement from the DMO, this figure encompasses the combined domestic and external debts of the Federal Government of Nigeria (FGN), the thirty-six state governments, and the Federal Capital Territory (FCT).
In comparison, the total public debt as of December 31, 2023, stood at N97.34 trillion (approximately $108.23 billion). This represents a substantial increase of N24.33 trillion or 24.99% within a three-month period.
The increase is driven majorly by naira devaluation, as the total debt is reduced in dollar terms.
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).
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