The Debt Management Office has revealed that Nigeria's total public debt has skyrocketed to N121.67 trillion, signifying an increase of N24.33 trillion or 24.99% within a mere three months.This increase brings the country's public debt from N97.34 trillion as of December 2023 to the current figure of N121.67 trillion.
The increase in public debt is largely attributed to naira devaluation, which has resulted in a reduction of $16.77 billion or 18.34% in dollar terms. Excluding the impact of naira exchange rate movements in the first quarter of 2024, the domestic debt has seen a notable increase of N6.53 trillion or 11.05% due to new borrowing to part-finance the 2024 Budget deficit and the securitization of a portion of the N7.3 trillion Ways and Means Advances at the Central Bank of Nigeria .
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