Nigeria's Public Debt Reaches N121.7 Trillion

Nigeria's total public debt was N121.67 trillion ($91.46 billion) as of March this year,  according to the Debt Management Office (DMO).

This includes both domestic and external debts of the Federal Government of Nigeria (FGN), the 36 state governments, and the Federal Capital Territory (FCT).

By the end of 2023, the total public debt was N97.34 trillion (USD108.23 billion), with domestic debt at N65.65 trillion (USD46.29 billion) and external debt at N56.02 trillion (USD42.12 billion).

The domestic debt component grew to N65.65 trillion by March 31, 2024, due to new borrowing to finance the 2024 Budget deficit and securitization of a portion of the N7.3 trillion Ways and Means Advances at the Central Bank of Nigeria.

The government plans to continue borrowing as outlined in the 2024 Appropriation Act, with hopes that improvements in revenue will enhance debt sustainability.