As of September 30, 2024, Nigeria owes N142.3 trillion in total governmental debt.
From N134.3 trillion in June 2024 to N8.02 trillion now, this is a 5.97% rise.
The increase is ascribed to the combined effects of rising domestic borrowing and the impact of depreciating exchange rates on external debt expressed in naira.
According to data made public by the Debt Management Office (DMO), Nigeria’s external debt increased slightly by 0.29% in terms of dollars from $43.03 billion in September. In contrast, the naira equivalent of external debt increased by 9.22%, from N63.07 trillion to N68.89 trillion, over the same time period. This increase was mostly caused by the naira’s decline in value relative to the US dollar, which saw it drop from N1,470.19/$ in June to N1,601.03/$ by the end of September.
The domestic debt decreased from $48.45 billion in June to $45.87 billion in September, a 5.34% decrease in monetary terms.
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However, the amount of domestic debt rose from N71.22 trillion to N73.43 trillion, or 3.10%, in naira. Domestic debt increased from N66.96 trillion in June to N69.22 trillion in September, with the Federal Government bearing the majority of the burden.
On the other hand, states’ and the Federal Capital Territory’s (FCT) internal debt decreased little, from N4.27 trillion to N4.21 trillion.
