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Nigeria spends N2.46tr on public debt service in Q1 2024

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Nigeria spent N2.46 trillion to service N121.67 trillion ($91.46 billion) of public debt in the first quarter of 2024 (Q1 '24), according

Nigeria spent N2.46 trillion to service N121.67 trillion of public debt in the first quarter of 2024 , according to the Debt Management Office .

The public debt stock consists of an external debt of N56.02 trillion and a domestic debt of N65.65 trillion . It stated that the domestic debt for the 36 states and the Federal Capital Territory stood at N4.07 trillion in Q1 2024. According to DMO, 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 .

 

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Nigeria’s debt increased by 24.99% to N121.67trn in March 2024The Debt Management Office, DMO, said that Nigeria's total public debt has increased by 24.99 per cent to N121.67 trillion (approximately $91.46 billion) as of March 31, 2024. DMO disclosed this in a statement on Thursday. The figure is a significant increase compared to the N97.34 trillion recorded on December 31, 2023.
Source: DailyPostNGR - 🏆 11. / 59 Read more »