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Nigeria's public debt skyrocketed to N121.67 trillion by March 2024, a 25% increase in three months. The Debt Management Office reports domestic debt at 54% of the total. This surge, driven by new borrowing and naira devaluation, raises concerns about Nigeria's fiscal health and economic stability.

Nigeria's public debt has surged dramatically, reaching N121.67 trillion ($91.46 billion) by March 31, 2024, according to the Debt Management Office (DMO). This represents a staggering increase of N24.33 trillion or 24.99% from the N97.34 trillion recorded at the end of 2023.

The debt composition includes both domestic and external obligations of the Federal Government, 36 state governments, and the Federal Capital Territory. Domestic debt accounts for 53.96% of the total, standing at N65.65 trillion, while external debt amounts to N56.02 trillion.

Interestingly, while the debt increased in naira terms, it decreased by $16.77 billion or 18.34% in dollar terms, primarily due to naira devaluation. The DMO attributes the domestic debt growth to new borrowing for the 2024 budget deficit and the securitization of Ways and Means Advances from the Central Bank of Nigeria.

The rapid debt accumulation raises concerns about Nigeria's fiscal health and its implications for future economic stability. Experts warn that this trend could impact the country's credit rating and ability to secure future loans.

As Nigeria grapples with this debt surge, questions arise about sustainable debt management strategies and potential impacts on public spending and development goals. The government faces the challenge of balancing fiscal needs with responsible borrowing to ensure long-term economic stability.