The public debt of Nigeria hits N134.3 trillion at the end of the second quarter of 2024. It showed an increase which was recorded just few months in the quarter suming up to N121.7 trillion .
This was a result of the value of the country’s currency which has been decreased in comparison of other countries.
According to the reports provided by the Ministry of Finance, the actual amount of the debt is still stable but when it is changed to local currency, it becomes larger.
The report states; “In Q2 2024, the debt stock grew in naira terms to N134.3 trillion ($91.3 billion) from N121.7 trillion ($91.5 billion) in Q1 2024, driven mainly by exchange rate devaluation. The dollar amount of debt was roughly the same.”
The debt is divided into domestic and external loans. Reports have it that about 53% of debt is owed by creditors inside Nigeria which is worth N71.2 trillion. The remaining N63.1 trillion is a foreign debt owed to other countries and international financial institutions.
The report shows that the total debt of the country has increased above 50%.
