The Debt Management Office (DMO) says Nigeria’s total public debt has reached N142.3 trillion as of September 2024.
Nigeria’s total public debt increased by N8 trillion or 5.97 percent, compared to the N134.3 trillion reported in June 2024.
The public debt profile consists of domestic and external debt stocks of the federal and subnational governments — the 36 states and the federal capital territory (FCT).
According to the DMO, the increase was primarily due to rising domestic borrowing and the impact of exchange rate depreciation on external debt when converted to naira terms.
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DMO said the total domestic debt was N73.4 trillion ($45.8 billion) while the total external debt was N68.8 trillion ($43 billion).
The increase was largely driven by the naira’s depreciation against the dollar, as the exchange rate weakened from N1,470.19/$ in June to N1,601.03/$ by the end of September.
TheCable observed that the federal government accounted for the bulk of domestic debt, which rose from N66.96 trillion in June to N69.22 trillion by September.
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On the contrary, domestic debt owed by states and FCT declined slightly from N4.27 trillion in June to N4.21 trillion in September 2024.
In December 2024, the federal government raised $2.2 billion through its eurobond auction, marking its return to the international capital market.
The fund was raised through two bonds including a 6.5-year eurobond, expected to mature in 2031, and a 10-year eurobond expected to mature in 2034.
On January 1, the DMO assured that Nigeria has made adequate budgetary provisions to meet its debt obligations following the issuance of $2.2 billion eurobonds.
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The debt office said Nigeria has consistently serviced its external and domestic debts promptly, leading to increased investor interest in federal government bonds.
DMO said the efforts reflect the country’s strict adherence to best practices in debt management.
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