Nigeria’s Public Debt Hits Record High At N97.341 Trillion -DMO

Abuja, Nigeria– The Debt Management Office (DMO) revealed that Nigeria’s public debt has surged to  N97.341 trillion (108.229 billion dollars) as of December 31, 2023.

This was disclosed by the DMO in a statement made available to journalists on Friday, March 22, 2024.

The statement partly read, “Nigeria’s Public Debt Stock as of December 31, 2023, was N97.34tn or $108.229bn.

“This amount comprises the Domestic and External Debt Stocks of the Federal Government of Nigeria, the 36 States Governments and the Federal Capital Territory.”

The document revealed that this amount indicates an increase of N89.43tn over the comparative figure for September 2023 which was largely due to new domestic borrowing to partly finance the deficit in the 2024 Appropriation Act and disbursements by multilateral and bilateral lenders.

It noted that, at N59.12trn, Total Domestic Debt accounted for 61 per cent of the Total Public Debt Stock, while External Debt at N1438.22trn accounted for the balance of 39 per cent.

“Consistent with the debt management strategy, Nigeria’s External Debt Stock was skewed in favour of loans from multilateral (49.77 per cent) and bilateral lenders (14.02 per cent ) or a total of 63.79 per cent which are mostly concessional and semi-concessional,” the document added.

The DMO says it has continued to employ the best practices in public debt management and is committed to shore up the country’s revenue.

“Whilst the DMO continues to employ best practices in public debt management, the recent and ongoing efforts of the fiscal authorities to shore up revenue will support debt sustainability,” it stated.

Recalled in December 2023, Nigeria’s total public debt rose marginally by 0.61 per cent quarter-on-quarter to N87.91trn in the third quarter of 2023.