Data from the DMO revealed that President Bola Tinubu’s government borrowed ₦6.53tn between December and March, including the securitization of Ways and Means. As of March 31, 2024, the country’s domestic and external debts totaled ₦121.67 trillion ($91.46 billion).
The debt encompasses external and domestic borrowings by the Federal Government, the 36 state governments, and the Federal Capital Territory (FCT). Total domestic debt was reported at ₦65.65 trillion ($46.29 billion), while total external debt was ₦56.02 trillion ($42.12 billion).
Nigeria’s debt increased by ₦24.33 trillion in three months, rising from ₦97.34 trillion ($108.23 billion) in December 2023 to ₦121.67 trillion ($91.46 billion). The DMO noted that total public debt grew from ₦59.12 trillion last December to ₦65.65 trillion as of March 2024.
“Excluding Naira exchange rate movements in Q1 2024, only the Domestic Debt component of Total Public Debt grew from ₦59.12 trillion on December 31, 2023, to ₦65.65 trillion on March 31, 2024.”
“The increase was due to new borrowing to partially finance the 2024 Budget deficit and the securitization of a portion of the ₦7.3 trillion Ways and Means Advances at the Central Bank of Nigeria.
“While borrowing, as outlined in the 2024 Appropriation Act, will continue, we anticipate improvements in Government revenue to enhance debt sustainability.”