Nigeria’s public debt rises by N8.02trn to N142.3trn in Q3 2024

Nigeria’s total public debt rose to N142.3 trillion as of September 30, 2024, representing an increase of 5.97% (N8.02 trillion) compared to N134.3 trillion in June 2024. This is according to the latest data released by the Debt Management Office (DMO) on Tuesday. Daily Trust observed that this increase reflects the combined effects of rising […]

Nigeria’s total public debt rose to N142.3 trillion as of September 30, 2024, representing an increase of 5.97% (N8.02 trillion) compared to N134.3 trillion in June 2024.

This is according to the latest data released by the Debt Management Office (DMO) on Tuesday.

Daily Trust observed that this increase reflects the combined effects of rising domestic borrowing and the impact of exchange rate depreciation on external debt when converted to naira terms.

Surge driven by currency depreciation .

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Data from the DMO showed that Nigeria’s external debt in dollar terms grew marginally by 0.29%, from $42.90 billion in June to $43.03 billion in September.

However, the naira equivalent of external debt surged significantly by 9.22%; rising from N63.07 trillion to N68.89 trillion during the same period.

The increase was largely driven by the naira’s depreciation against the US dollar, as the exchange rate weakened from N1,470.19/$ in June to N1,601.03/$ by the end of September.

However, Domestic debt recorded mixed performance, declining by 5.34% in dollar terms from $48.45 billion in June to $45.87 billion in September. In naira terms, however, domestic debt increased by 3.10%, from N71.22 trillion to N73.43 trillion.

The federal government accounted for the bulk of domestic debt, which rose from N66.96 trillion in June to N69.22 trillion by September. In contrast, domestic debt owed by states and the Federal Capital Territory (FCT) declined slightly, from N4.27 trillion to N4.21 trillion.