The Debt Management Office (DMO) also gave reasons for Nigeria's debt stock surge.
The Debt Management Office (DMO) says Nigeria's total public debt stock hit N121.67 trillion (91.46 billion dollars) in March.
The Director-General of the DMO, Patience Oniha, said this in a statement on Friday in Abuja.
Ms Oniha said that the debt stock comprised the total external and domestic debts of the federal government, the 36 state governments, and the Federal Capital Territory (FCT).
According to her, as of March, the total domestic debt was N65.65 trillion (46.29 dollars), while the total external debt was N56.02 trillion (42.12 billion dollars).
She said the comparative figure of the total debt stock for December 2023 was N97.34 trillion (108.23 billion dollars as of 31 December 2023).
Reasons for surge
She said that the increase in the total debt stock was informed by growth in the domestic component of the debt to bridge the deficit in the 2024 budget and instability in the foreign exchange market during the first quarter.
"Excluding Naira exchange rate movements in the first quarter of 2024, only the domestic debt component of the total debt stock grew from N59.12 trillion on 31 December 2023 to N65.75 trillion on 31 March.
"The increase was from new borrowing to part-finance the 2024 budget deficit and securitisation of a portion of the N7 3 trillion Ways and Means advances at the Central Bank of Nigeria (CBN)," she said.
She said that improvement in government revenue would go a long way in ensuring debt sustainability while borrowing, as provided in the 2024 budget, would continue.
*Exchange rates:
US$1 to N899.393 as of 31 December 2023
US$1 to N1,330.26 as of 31 March 2024
