Nigeria’s Total Public Debt Stock Reaches N121.67 Trillion in March – DMO Director-General

The Debt Management Office (DMO) has reported that Nigeria’s total public debt stock has reached a staggering N121.67 trillion (91.46 billion dollars) as of March. This includes the combined external and domestic debts of the federal government, state governments, and the Federal Capital Territory (FCT).

According to the Director-General of the DMO, Patience Oniha, the total domestic debt stood at N65.65 trillion (46.29 dollars), while the external debt was N56.02 trillion (42.12 billion dollars). This marks a significant increase from the previous total debt stock of N97.34 trillion (108.23 billion dollars) in December 2023.

The surge in the total debt stock was attributed to the growth in the domestic component of the debt, aimed at bridging the deficit in the 2024 budget and addressing instability in the foreign exchange market during the first quarter. The increase in borrowing was also necessary to finance the budget deficit and securitize a portion of the N7.3 trillion Ways and Means advances at the Central Bank of Nigeria (CBN).

Ms. Oniha emphasized the importance of improving government revenue to ensure debt sustainability, while acknowledging that borrowing would continue as outlined in the 2024 budget. The exchange rates also played a role in the debt increase, with the US dollar to Naira rate rising from 899.393 on December 31, 2023, to 1,330.26 on March 31, 2024.

As Nigeria grapples with its growing debt burden, it is crucial to support credible journalism like Premium Times, which provides in-depth, fact-based reporting to the public. Your contribution can help maintain the integrity and accessibility of news for all Nigerians.