THUR OCT 24 2024-theGBJournal| Nigeria’s public debt stock rose 10.35% (N121.7 trillion) to N134.3 trillion ($91.3 billion) by the end of Q-2 2024, exceeding 50% of its GDP for the first time since 2001.
The sharp rise is driven by the Naira exchange rate devaluation, according to the Ministry of Finance.
The Ministry noted that the dollar amount of the debt was roughly the same, reflecting the impact of the unstable Naira.
The domestic component of the debt accounted for 53% or N71.2 trillion ($48.4 billion) of the total debt pile, while external debt is equivalent 47% (N63.1 trillion).
Meanwhile, the FGN Bonds constitutes 78% of the domestic debt while multilateral loans accounted for 50.4% of the external component.
Bilateral loans represents 13.7% of total share, and commercial loans rose to 35.9 of the total external debt.
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