Nigeria’s Debt Management Office (DMO) says the nation’s total public debt has increased to N121.67 trillion (approximately $91.46 billion) as of March 31, 2024.
However, analysis shows that the increase is driven majorly by the devaluation of the Nigerian naira, as the dollar equivalent of the total debt actually falls.
In a statement by the DMO, 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).
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 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).
