Nigeria’s public debt has escalated to N134.3 trillion (approximately $91.3 billion) by the close of the second quarter of 2024. This marks a 10.35% rise from N121.7 trillion ($91.5 billion) reported in the first quarter, as disclosed by the Debt Management Office (DMO).
An official report from the Ministry of Finance, exclusively accessed by Nairametrics, attributes this increase primarily to the naira’s devaluation, reflecting persistent issues related to exchange rate fluctuations.
The report indicated, “By the end of Q2 2024, the debt stock grew to N134.3 trillion ($91.3 billion) from N121.7 trillion ($91.5 billion) in Q1 2024, largely due to the devaluation of the naira. The dollar value of the debt, however, remained relatively unchanged.”
Interestingly, while the total debt in naira has increased, its dollar equivalent has stayed stable, illustrating the significant effects of currency changes on debt metrics. Domestic debt now represents 53% of the overall debt portfolio.
