Cordros Capital Research has projected the country’s public debt to settle at N134.51 trillion this year.The analysts based the projection on increased borrowings by the Federal Government to fund the 2024 budget deficit as well as the impact of the depreciation of naira on foreign debt.
“Accordingly, the total domestic debt stock rose by 11 per cent QoQ to N65.65 trillion from N59.12 trillion in 2023. “Looking ahead, we anticipate a significant increase in Nigeria’s total debt due to increased borrowings by the FG to fund the 2024 budget deficit, and the impact of the depreciation of the naira on foreign debt. We project total public debt to settle at N134.51 trillion in 2024,” the analysts said.
The research firm further stated that the high cost associated with servicing this debt, which is further hinged on the naira devaluation, has resulted in a significant allocation of government revenues towards debt payments and intensifying the fiscal challenge.
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