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Nigeria’s total public debt rose to N142.3 trillion as of September 30, 2024, reflecting an increase of N8.02 trillion (5.97%) compared to N134.3 trillion in June 2024. The Debt Management Office (DMO) disclosed this in its latest report released on Tuesday. The surge in Nigeria’s public debt was primarily attributed to increased domestic borrowing and the depreciation of the naira, which significantly impacted external debt when converted to local currency.
In dollar terms, Nigeria’s external debt grew slightly by 0.29%, rising from $42.90 billion in June to $43.03 billion in September. However, in naira terms, the external debt skyrocketed by 9.22%, increasing from N63.07 trillion to N68.89 trillion. The jump in the naira equivalent of external debt was largely driven by the local currency’s depreciation, as the exchange rate weakened from N1,470.19/$ in June to N1,601.03/$ by the end of September.
Domestic debt also saw contrasting trends, declining by 5.34% in dollar terms from $48.45 billion in June to $45.87 billion in September. However, in naira terms, domestic debt rose by 3.10%, climbing from N71.22 trillion to N73.43 trillion. The Federal Government accounted for the bulk of domestic debt, with its share rising from N66.96 trillion in June to N69.22 trillion in September. In contrast, domestic debt owed by states and the Federal Capital Territory (FCT) slightly declined, dropping from N4.27 trillion to N4.21 trillion.
Federal Government bonds remained the largest component of domestic debt, growing by 4.47% to N54.65 trillion in September, up from N52.32 trillion in June. Bonds now account for 78.95% of total domestic debt, up from 78.13% in the previous quarter.
source: reportafrique.com
