Nigeria’s total public debt has risen to N142.3 trillion reflecting a 5.97% increase (N8.02 trillion) from the N134.3 trillion recorded last year. This is according to a recent data from the Debt Management Office (DMO).
The debt is composed of N68.89 trillion in external obligations and N73.43 trillion in domestic borrowings. This equates to every Nigerian owing an average of N700,000.
In dollar terms, total public debt rose marginally by 0.29%, from $42.90 billion in June to $43.03 billion by September. However, the depreciation of the naira led to a 9.22% increase in the valuation of external debt, from N63.07 trillion to N68.89 trillion during the period.
Domestic debt also grew by 3.10%, increasing from N71.22 trillion to N73.43 trillion. However, its dollar equivalent dropped by 5.34%, from $48.45 billion to $45.87 billion.
The federal government accounted for the majority of domestic debt, which rose from N66.96 trillion in June to N69.22 trillion in September. On the other hand, debt owed by states and the Federal Capital Territory (FCT) saw a slight decline, falling from N4.27 trillion to N4.21 trillion.
