A Trusted Nigerian Newspaper
The Debt Management Office has revealed that Nigeria's total public debt has skyrocketed to N121.67 trillion, signifying an increase of N24.33 trillion or 24.99% within a mere three months.This increase brings the country's public debt from N97.34 trillion as of December 2023 to the current figure of N121.67 trillion.
The increase in public debt is largely attributed to naira devaluation, which has resulted in a reduction of $16.77 billion or 18.34% in dollar terms. Excluding the impact of naira exchange rate movements in the first quarter of 2024, the domestic debt has seen a notable increase of N6.53 trillion or 11.05% due to new borrowing to part-finance the 2024 Budget deficit and the securitization of a portion of the N7.3 trillion Ways and Means Advances at the Central Bank of Nigeria .
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Public debt hits N121.67tr as FG moves to check revenue lossNigeria and Global News
Read more »
Global public debt hits $97 trillion as UN urges actionThe alarming surge in global debt burden calls for urgent reforms to the international financial systems to safeguard a prosperous future
Read more »
Nigeria spends N2.46tr on public debt service in Q1 2024Nigeria spent N2.46 trillion to service N121.67 trillion ($91.46 billion) of public debt in the first quarter of 2024 (Q1 '24), according
Read more »
UNCTAD urges action on rising public debtThe Nation Newspaper UNCTAD urges action on rising public debt
Read more »
I didn’t criticise Nigeria govt over debt, says Okonjo-IwealaThe World Trade Organization (WTO) Director-General, Ngozi Okonjo-Iweala, has denounced a fabricated report circulating on social media
Read more »
Alleged Debt: Court Freezes All Bank Accounts Of Swift Networks, CEOThe Latest News from Nigeria and Around the World
Read more »