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HomeTop NewsNigeria's debt stock surges to N121.67 trln amid naira devaluation in Q1...

Nigeria’s debt stock surges to N121.67 trln amid naira devaluation in Q1 2024

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By Temi Olowu

Nigeria’s total public debt has soared to N121.67 trillion, reflecting an increase of N24.33 trillion or 24.99% within the first quarter of 2024, according to the Debt Management Office (DMO).

This latest figure, up from N97.34 trillion as of December 2023, was disclosed in a DMO press release on Thursday in Abuja.

The public debt encompasses the total domestic and external debts of the Federal Government, the thirty-six state governments, and the Federal Capital Territory.

The report detailed, “Nigeria’s total public debt stood at N121.67 trillion (USD91.46 billion) as of March 31, 2024.

The comparative figure for December 31, 2023, was N97.34 trillion. Total Domestic Debt was N65.65 trillion while Total External Debt was N56.02 trillion or $42.12 billion).”

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The significant increase in debt is largely attributed to the devaluation of the naira, which, despite the surge in nominal terms, reflects a reduction in dollar terms.

Nigeria has secured $4.95 billion in loans from the World Bank over the past 12 months. This borrowing spree continues amid concerns about rising costs of servicing external debt.

The government anticipates further loan approvals totaling $4.4 billion from the World Bank and the African Development Bank over the next year.

The World Bank approved funding for six major projects, 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 mobilisation reforms, and $1.5 billion for economic stabilization reforms.

This surge in public debt underscores the challenges faced by Nigeria’s economy and the critical need for effective debt management and economic reforms.

(Edited by Oludare Mayowa; omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138)

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