The federal government’s recent borrowing increases Nigeria’s public debt to N97.3 trillion.
According to data released by the Debt Management Office (DMO) on Friday in Abuja, Nigeria’s public debt rose by 10.7% from N87.87 trillion in Q3’24 to N97.34 trillion as of December 31, 2023. The increase was mainly due to new domestic borrowing by the Federal Government (FG) to finance the deficit in the 2024 Appropriation Act and disbursements by multilateral and bilateral lenders.
The public debt, totaling N97.3 trillion, consists of N59.12 trillion in domestic debt and N38.22 trillion in external debt. During the review period, $3.5 billion was used to service external debt. The DMO stated that Nigeria’s external debt was largely from multilateral and bilateral lenders, accounting for 63.79% of the total external debt stock.
While domestic debt accounted for 61% of the total public debt stock, the DMO emphasized the need for the fiscal authorities to increase revenue to support debt sustainability, despite their continued efforts to employ best practices in public debt management.
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