Nigeria’s debt increased by 24.99% to N121.67trn in March 2024

The Debt Management Office, DMO, said that Nigeria’s total public debt has increased by 24.99 per cent to N121.67 trillion as of March 31, 2024.
DMO disclosed this in a statement on Thursday as the figure shows a significant increase compared to the N97.34 trillion recorded on December 31, 2023.
According to DMO, the new debt figure encompasses the combined domestic and external debts of the Federal Government of Nigeria, FGN, the 36 state governments, and the Federal Capital Territory, FCT.
The increase is driven majorly by naira devaluation, as the total debt was reduced in dollar terms by $16.77 billion or 18.34 per cent.