Budget financing, ways and means raise Nigeria’s debt to N121.67tn- DMO
The Debt Management of Nigeria
Budget financing, ways and means raise Nigeria’s debt to N121.67tn- DMO
Nike Popoola
Nigeria’s total public debt comprising the total domestic and external debts of the Federal Government of Nigeria, the 36 state governments, and the Federal Capital Territory, rose to N121.67tn ($91.46bn) as of the end of March 31, 2024.
The Debt Management Office of Nigeria disclosed in a statement on Thursday titled, ‘Total public debt as at March 31, 2024.”
It stated that the comparative figure for December 31, 2023, was N97.34tn ($108.23 bn).
Total domestic debt was N65.65tn ($46.29bn) while total external debt was N56.02tn ($42.12bn).
Excluding naira exchange rate movements in Q1, 2024, only the domestic debt component of total public debt grew from N59.12tn on December 31, 2023, to N65.65tn on March 31, 2024.
The increase was from new borrowing to part-finance the 2024 budget deficit and securitization of a portion of the N7.3tn Ways and Means Advances at the Central Bank of Nigeria.
“While borrowing, as provided in the 2024 Appropriation Act, will continue, we expect improvements in the government’s revenue to
enhance debt sustainability,” DMO stated.
