Nigeria’s public debt increases to N142tn in Q3 2024 as borrowing rises
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Nigeria’s public debt increases to N142tn in Q3 2024 as borrowing rises

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The Nigeria’s total public debt has reached N142.3 trillion as of September 2024.



The otal public debt increased by N8 trillion or 5.97 percent, compared to the N134.3 trillion reported in June 2024.

Data from the Debt Management Office showed that external debt in dollar terms increased marginally by 0.29 per cent, from $42.90bn in June to $43.03bn in September.

However, in naira terms, external debt surged by 9.22 per cent, rising from N63.07tn to N68.89tn within the quarter.

This sharp increase was attributed to the depreciation of the naira, with the exchange rate weakening from N1,470.19/$ in June to N1,601.03/$ by the end of September.

Domestic debt, on the other hand, reduced by 5.34 per cent in dollar terms, falling from $48.45bn in June to $45.87bn in September.

However, domestic debt in naira terms rose by 3.10 per cent, increasing from N71.22tn to N73.43tn during the period.

The Federal Government’s external debt accounted for $38.12bn in September, up from $38.01bn in June, while states and the Federal Capital Territory held $4.91bn in external debt, a slight increase from $4.89bn.

For domestic debt, the Federal Government’s obligations rose from N66.96tn to N69.22tn, while states and the FCT recorded a minor reduction from N4.27tn to N4.21tn.

Overall, Nigeria’s total public debt in dollar terms fell by 2.70 per cent, from $91.35bn in June to $88.89bn in September.

However, the naira-denominated debt burden remained substantial.

The rising debt profile, particularly in naira terms, raises concerns over debt sustainability, especially with the exchange rate volatility driving up the local currency cost of external obligations.

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