Each Nigerian owes an average of ₦700K as national debt hits ₦142 trillion
Nigeria’s total public debt surged to N142.3 trillion as of 30 September 2024, reflecting a 5.97% increase (N8.02 trillion) from N134.3 trillion recorded in June, according to data released by the Debt Management Office (DMO) on Tuesday.
The debt consists of N68.89 trillion in external obligations and N73.4 trillion in domestic borrowings.
In dollar terms, the total debt rose marginally by 0.29%, moving from $42.90 billion in June to $43.03 billion by the end of September. However, the naira valuation of external debt jumped by 9.22%, increasing from N63.07 trillion to N68.89 trillion during the same period.
Domestic debt showed a 3.10% rise in naira terms, climbing from N71.22 trillion to N73.43 trillion, while its dollar equivalent fell by 5.34%, from $48.45 billion to $45.87 billion.
The federal government accounted for most of the domestic debt, which rose from N66.96 trillion in June to N69.22 trillion in September. In contrast, debt owed by states and the Federal Capital Territory (FCT) saw a slight decline, dropping from N4.27 trillion to N4.21 trillion.
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