The Debt Management Office (DMO) has revealed that Nigeria’s public debt reached a staggering N97.341 trillion ($108.229 billion) as of December 31, 2023, in data released on Friday, March 22, 2024, in Abuja.
This massive sum encompasses both domestic and external debt stocks of the Federal Government, the 36 states governments, and the Federal Capital Territory (FCT).
Notably, there has been a significant increase of N9.43 trillion compared to the figures reported on September 30, 2023.
The surge in debt is primarily attributed to fresh domestic borrowing by the Federal Government to address deficits in the 2024 budget, alongside disbursements from multilateral and bilateral lenders.
Of the total debt stock, domestic debt accounted for N59.12 trillion, representing 61% of the total, while external debt stood at N38.22 trillion, constituting the remaining 39%.
The distribution of external debt heavily favored loans from multilateral and bilateral sources, aligning with Nigeria’s debt management strategy.
According to the DMO, loans from multilateral sources made up 49.77% of the external debt stock, with bilateral loans contributing 16.02%.
These loans, mostly concessional and semi-concessional, amounted to a significant 63.79% of Nigeria’s external debt.
Despite concerns, the DMO assures that prudent debt management practices are in place.
Moreover, ongoing efforts by authorities to bolster revenue are seen as crucial in ensuring debt sustainability moving forward.
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