Nation’s debt rises: Every Nigerian now ‘owes’ ₦711,500

PULSE NG

Nigeria’s total public debt skyrocketed to ₦142.3 trillion by the end of September 2024, marking a 5.97% increase from the ₦134.3 trillion recorded in June, according to the latest figures from the Debt Management Office (DMO).

The surge stems from rising domestic borrowing and the naira’s depreciation, which sharply inflated the naira equivalent of external debts.

External debt, measured in dollar terms, rose slightly by 0.29%, from $43.03 billion in June to $43.15 billion in September.

However, the naira equivalent ballooned by 9.22%, jumping from ₦63.07 trillion to ₦68.89 trillion.

This was attributed to the exchange rate weakening from ₦1,470.19/$ to ₦1,601.03/$ within the same period.

Domestic debt presented a mixed picture: while declining by 5.34% in dollar terms (from $48.45 billion to $45.87 billion), it rose by 3.10% in naira terms, increasing from ₦71.22 trillion to ₦73.43 trillion…