The Debt Management Office DMO has announced that Nigeria’s total public debt has surged to N121.67 trillion, a significant increase of N24.33 trillion or 24.99% over three months.
This new figure contrasts sharply with the total debt of N97.34 trillion recorded as of December 2023.
According to a statement issued by the DMO Thursday in Abuja, the current public debt encompasses domestic and external debts of the Nigerian government, the 36 state governments, and the Federal Capital Territory (FCT). The report detailed that as of March 31, 2024, Nigeria’s total public debt stood at N121.67 trillion with domestic debt at N65.65 trillion and external debt at N56.02 trillion.
Additionally, it was reported that the government secured loans totaling $4.95 billion from the World Bank over the past 12 months amid concerns over rising external debt servicing costs. It further added that the government is also anticipating the approval of new loans amounting to $4.4 billion from the World Bank and the African Development Bank within the coming year.