Nigeria’s total public debt rose to N142.3tn, a rise by 5.97% by 30th September, 2024 making a total of 8.02 trillion from 134.3 trillion in June, 2024.
Representing the significant depreciation of exchange rates, this debt cuts across external and domestic obligations.
Data collected from the debt management office showed that external debt in dollar terms increased marginally by 0.29%: $42.90bn in June and $43.02bn in September.
Meanwhile, in naira terms the external debt rose by 9.22%: 63.07tn in naira and 68.89tn in naira between June and September.
However, surged the domestic debt in nairaΒ by 3.10% from N71.22tn to N73.43 within June and September.
In dollar terms, domestic debt reduced by 5.34% from $48.45bn to $45.87bn in June and September.
According to the data collected, the increase in external debt was linked with the depreciation of naira as the exchange rate drastically dropped from N1,470.19/$ to N1,601.03/$ between June and September.
Therefore, the Federal Government’s domestic debt, her obligation rose from N66.97tn to N69.22tn. states and FCT recorded a minor reduction from N4.27tb to N4.21tn.
The external debt on the other hand, totalled $38.12bn in September showing a rise from $38.01bn.
Consequently, Dr Muda Yusuf, the chief executive officer of the centre for the promotion of public enterprises said that Nigeria may end up in a debt trap.
According to the report, the increment in debt could be attributed to additional disbursement by institutions as the world bank’s international development association as analysis shows it’s obligation rising from $513.06m to $16.84bn.
Nonetheless, the presented data is from the Q3 of 2024 showing that an increment is possible in Nigeria’s External debt when the DMO releases the data from Q4 of the same year.
Note however, that Nigeria recorded a total subscription of about $9bn, allotted were only about $2.2bn.
Download files below:
Nigeria’s Total Public Debt as at June 30, 2024
