Nigeria’s Debt Rises by N9.43trn in 3-Month to N97.34trn

Nigeria’s Debt Rises by N9.43trn in 3-Month to N97.34trn

Nigeria’s total public debt has increased by N9.43 trillion in three months to close at N97.34 trillion in December 2023, according to the latest report by the Debt Management Office (DMO).

In US dollar terms, total public debt settled at $108.822 billion, according to the report. The DMO said the Central Bank of Nigeria (CBN) official exchange rate of US$1 to N899.393 as of December 31, 2023, was used to convert external debt to naira.

The total public debt amount comprises the domestic and external debt stocks of the Federal Government of Nigeria (FGN), the Thirty-six (36) state governments and the Federal Capital Territory (FCT).

“There was an increase of N9.43 trillion over the comparative figure for September 2023 which was largely due to new domestic borrowing by the FGN to part finance the deficit in the 2024 Appropriation Act and disbursements by multilateral and bilateral lenders”.

At N59.12 trillion, total domestic debt accounted for 61% of the total public debt stock while external debt at N38.22 trillion accounted for the balance of 39%, DMO said.

Inconsistent with the debt management strategy, Nigeria’s external debt stock was skewed in favour of loans from multilateral (49.77%) and bilateral lenders (14.02%) or a total of 63.79% which are mostly concessional and semi-concessional.

Whilst the DMO continues to employ best practices in public debt management, the recent and ongoing efforts of the fiscal authorities to shore up revenue will support debt sustainability. #Nigeria’s Debt Rises by N9.43trn in 3-Month to N97.34trn

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