Debt Management Office (DMO) has disclosed that Nigeria’s total public debt stood ar
N142.3 trillion as of September 2024.
DMO said the country’s total public debt increased by N8 trillion or 5.97 percent, compared to the N134.3 trillion reported in June 2024.
The public debt profile consists of domestic and external debt stocks of the federal and subnational governments – the 36 states and the federal capital territory (FCT).
DMO noted that the increase was primarily due to rising domestic borrowing and the impact of exchange rate depreciation on external debt when converted to naira terms.
According to the Government agency; the total domestic debt was N73.4 trillion ($45.8 billion) while the total external debt was N68.8 trillion ($43 billion).
The increase was largely driven by the naira’s depreciation against the dollar, as the exchange rate weakened from N1,470.19/$ in June to N1,601.03/$ by the end of September.
The federal government accounted for the bulk of domestic debt, which rose from N66.96 trillion in June to N69.22 trillion by September.
In September last year, the domestic debt owed by states and FCT declined slightly from N4.27 trillion in June to N4.21 trillion.
In December, the federal government raised $2.2 billion through its Eurobond auction, marking its return to the international capital market.
On January 1, DMO disclosed that Nigeria has made adequate budgetary provisions to fulfill its debt obligations following the issuance of $2.2 billion Eurobonds.
