The Debt Management Office (DMO) says Nigeria’s total public debt stock hit N121.67 trillion (91.46 billion dollars) in March.
The Debt Management Office (DMO) in a statement yesterday evening said this figure encompasses the combined domestic and external debts of the Federal Government of Nigeria (FGN), the 36 state governments, and the Federal Capital Territory (FCT).
This is a significant rise of N24.33 trillion or 24.99 per cent within a space of three months. DMO had announced that the total public debt as of December 31, 2023, stood at N97.34 trillion.
The increase is driven majorly by naira devaluation, as the debt is denominated in dollar terms. Nigeria is facing forex volatility which has led to the devaluation of the local currency.
She said that improvement in government revenue would go a long way in ensuring debt sustainability, while borrowing, as provided in the 2024 budget would continue.
