Tinubu Administration’s New Loans Push Nigeria’s Debt to ₦121 Trillion

Nigeria’s public debt has soared to ₦121.67 trillion ($91.46 billion), according to the latest data from the Debt Management Office (DMO). This increase is largely attributed to the government of President Bola Tinubu, which borrowed ₦6.53 trillion between December 2023 and March 2024.

The DMO’s report reveals that as of March 31, 2024, the nation’s debt encompasses both domestic and external obligations. The domestic debt stands at ₦65.65 trillion ($46.29 billion), while external debt amounts to ₦56.02 trillion ($42.12 billion).

This marks a significant rise from the total public debt of ₦97.34 trillion ($108.23 billion) recorded in December 2023. The substantial increase over the three-month period is partly due to the securitization of Ways and Means advances and new borrowings to finance the 2024 budget deficit.

The DMO clarified, “Excluding Naira exchange rate movements in Q1 2024, only the Domestic Debt component of Total Public Debt grew from ₦59.12 trillion on December 31, 2023, to ₦65.65 trillion on March 31, 2024. The increase was from new borrowing to part-finance the 2024 Budget deficit and securitization of a portion of the ₦7.3 trillion Ways and Means Advances at the Central Bank of Nigeria.”

This escalating debt encompasses borrowings by the Federal Government, the 36 state governments, and the Federal Capital Territory (FCT).