FRI JUNE 21 2024-theGBJournal| Nigeria’s Total Public Debt, both domestic and external, stood at N121.67 trillion ($91.46 billion) at the end of March 2024.
The latest figure published late Thursday by the Debt Management Office (DMO) reflects the combined debt of the Federal Government of Nigeria (FGN), the thirty-six state governments, and the Federal Capital Territory (FCT).
The comparative figure for December 31, 2023, was N97.34 trillion (US$108.23 billion).
Total Domestic Debt was N65.65 trillion (USD46.29 billion), while Total External Debt was N56.02 trillion (US$42.12 billion).
According to the DMO, excluding Naira exchange rate movements in Q1 2024, the Domestic Debt component of Total Public Debt grew from N59.12 trillion on December 31, 2023, to N65.65 trillion on March 31, 2024.
The increase was from new borrowing to part-finance the 2024 Budget deficit and securitization of a portion of the N7.3 trillion Ways and Means Advances at the Central Bank of Nigeria.
The DMO suggests that the Federal Government will continue to borrow ”as provided in the 2024 Appropriation Act”, but expects improvements in the government’s revenue to ”enhance debt sustainability.”
said it would continue with borrowing, as provided in the 2024 Appropriation Act, but expressed optimism that improvements in the revenue would enhance debt sustainability.
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