The Debt Management Office (DMO) revealed that Nigeria’s public debt surged to N97.341 trillion (equivalent to $108.229 billion) as of December 31, 2023, as disclosed in data unveiled in Abuja on Friday.
This extensive amount encompasses both domestic and external debt stocks owed by the federal government, the 36 state governments, and the Federal Capital Territory (FCT).
The reported figure marks a notable increase of N9.43 trillion compared to the data recorded on September 30, 2023.
The upsurge primarily stems from fresh domestic borrowings by the federal government to partially finance the deficit outlined in the 2024 budget, alongside disbursements from multilateral and bilateral lenders.
Domestic debt accounted for the majority, totalling N59.12 trillion, representing 61 per cent of the total public debt stock.
Meanwhile, external debt stood at N38.22 trillion, constituting the remaining 39 percent.
Analysis revealed that Nigeria’s external debt portfolio heavily leans towards loans obtained from multilateral and bilateral sources, aligning with the country’s debt management strategy.
Multilateral loans make up 49.77 per cent of the external debt stock, while bilateral loans comprise 16.02 percent, totalling 63.79 percent, primarily comprising concessional and semi-concessional loans.
Despite the escalating debt profile, the DMO stated its commitment to implementing sound practices in public debt management.
It also highlighted ongoing governmental efforts aimed at bolstering revenue generation, which will contribute to ensuring debt sustainability moving forward.
