Nigeria’s total public debt has escalated to N121.67 trillion (USD 91.46 billion) as of March 31, 2024, an increase of N24.33 trillion, or 24.99%, within just three months.
The Debt Management Office (DMO) disclosed this rise in a press release issued on Thursday.The latest figure reflects a substantial jump from the total debt of N97.34 trillion (USD 108.23 billion) recorded on December 31, 2023.
The public debt encompasses the combined total of domestic and external debts owed by the Federal Government of Nigeria, the thirty-six state governments, and the Federal Capital Territory.
According to the DMO report, Nigeria’s total domestic debt now stands at N65.65 trillion (USD 46.29 billion), while the total external debt is N56.02 trillion (USD 42.12 billion). A significant factor contributing to the increase is the devaluation of the naira, which has reduced the total debt in dollar terms despite the apparent rise in the naira value.
However, the Nigerian government last year secured $4.95 billion in loans from the World Bank, and the government is anticipating new loan approvals amounting to $4.4 billion from the World Bank and the Africa Development Bank over the next year.
The loans from the World Bank have been allocated to various sectors, including $750 million for power sector financing, $500 million for women 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.
