Nigeria's Public Debt Soars to N121.67 Trillion by March 2024, DMO Reports

Nigeria's total public debt reached N121.67 trillion ($91.46 billion) by the end of March 2024, according to the Debt Management Office (DMO). This includes the debts of the Federal Government, the 36 state governments, and the Federal Capital Territory (FCT).

At the end of December 2023, the debt stood at N97.34 trillion ($108.23 billion). Domestic debt increased from N59.12 trillion to N65.65 trillion, while external debt was N56.02 trillion. The rise in domestic debt was due to new borrowing to partially finance the 2024 budget deficit and the securitization of part of the N7.3 trillion Ways and Means Advances from the Central Bank of Nigeria.

The government plans to continue borrowing as outlined in the 2024 Appropriation Act but is hopeful that improvements in revenue will enhance debt sustainability.