The Debt Management Office has announced that Nigeria’s total public debt has surged to N121.67 trillion, marking a substantial increase of N24.33 trillion or 24.99 per cent within three months.
This figure contrasts with a total debt of N97.34 trillion recorded as of December 2023.
The Public Debt encompasses the Total Domestic and External Debts of the Federal Government of Nigeria, the thirty-six state governments, and the Federal Capital Territory.
According to the Debt Management Office’s press release in Abuja on Thursday, “Nigeria’s total public debt stood at N121.67 trillion (USD91.46 billion) as of March 31, 2024.
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The comparative figure for December 31, 2023, was N97.34 trillion (USD108.23 billion). Total Domestic Debt was N65.65 trillion (USD46.29 billion) while Total External Debt was N56.02 trillion (USD42.12 billion).”
The notable increase is attributed primarily to naira devaluation, as the total debt decreased in dollar terms.
PUNCH Online also reported that the government borrowed a total of $4.95 billion in loans from the World Bank over the past 12 months, amid concerns about the rising costs of servicing external debt.
Additionally, the government anticipates approval for fresh loans totalling $4.4 billion from the World Bank and the African Development Bank in the coming year.
PUNCH Online’s analysis revealed that the approved funding includes allocations such as $750 million for power sector financing, $500 million for women’s empowerment, $700 million for girl child education, $750 million for renewable energy solutions, $750 million for resource mobilization reforms, and $1.5 billion for economic stabilization reforms.
