Nigeria’s Total Debt Climbs to N121.67 Trillion in Q1 2023


Nigeria’s total debt stock surged by N24.33 trillion in the first quarter of 2023, reaching N121.67 trillion from N97.34 trillion in December 2023, according to the Debt Management Office (DMO).

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In a statement released on Thursday, the DMO reported that the total public debt encompasses the domestic and external debts of the Federal Government, the thirty-six state governments, and the Federal Capital Territory (FCT). Total domestic debt increased to N65.65 trillion ($46.29 billion), while total external debt stood at N56.02 trillion ($42.12 billion).

The office noted that, excluding naira exchange rate movements in Q1 2024, only the domestic debt component grew from N59.12 trillion on December 31, 2023, to N65.65 trillion on March 31, 2024. “The rise was due to new borrowing to partially finance the 2024 Budget deficit and the securitisation of a portion of the N7.3 trillion Ways and Means Advances at the Central Bank of Nigeria,” it explained.

While borrowing, as outlined in the 2024 Appropriation Act, will continue, the DMO expects improvements in government revenue to enhance debt sustainability.

A detailed analysis of the domestic debt profile showed that the country’s FGN bonds increased by N4.16 trillion to N48.42 trillion, treasury bills grew by N3.92 trillion to N10.44 trillion, FGN savings bonds rose by N4.69 billion to N43.88 billion, and promissory notes increased by N240.22 billion to N1.57 trillion.

Although the dollar component of Nigeria’s external loans decreased to $42.12 billion from $42.49 billion, its naira equivalent surged to N56.03 trillion (at N1,330.26/$ as of March 2024) from N38.22 trillion (at N899.39/$ as of December 2023).

While Nigeria’s total debt has risen in naira terms, it has decreased by $16.77 billion, falling to $91.46 billion from $108.23 billion. The Federal Government’s 2024 approved budget has a deficit of N9.18 trillion, to be partially financed by N7.83 trillion in new borrowings.

Recently, Patience Oniha, the director general of the DMO, revealed that the Federal Government has raised N4.5 trillion out of its N6 trillion target in the 2024 budget.

Adeniyi Ogunfowoke, The Naija247news
Adeniyi Ogunfowoke, The Naija247news
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