The office in a statement yesterday disclosed that the total public debt comprises of debt from the total domestic and external debts of the Federal Government, the thirty-six state governments, and the Federal Capital Territory (FCT). Total domestic debt rose to N65.65 trillion ($46.29 billion) while total external debt was N56.02 trillion ($42.12 billion).
It noted that, excluding naira exchange rate movements in Q1 2024, only the domestic debt component of total public debt grew from N59.12 trillion on December 31, 2023, to N65.65 trillion on March 31, 2024.
“The increase was from new borrowing to part-finance the 2024 Budget deficit and securitisation of a portion of the N7.3 trillion Ways and Means Advances at the Central Bank of Nigeria,” it said.
It highlighted that while borrowing, as provided in the 2024 Appropriation Act, will continue, it “expects improvements in the Government’s Revenue to enhance debt sustainability.”
