Bunady
Every Nigerian is reported to owe N711,500 due to the country’s high debt levels. The Debt Management Office (DMO) has stated that Nigeria’s public debt has recently risen to N142.3 trillion by the end of September 2024, a 5.97% increase from the N134.3 trillion recorded in June....TAP TO READ THE FULL CONTENT | TAP TO READ THE FULL CONTENT
This increase is attributed to the growing domestic borrowing and the depreciation of the naira, which has inflated the naira equivalent of external debts.
Nigeria’s external debt, measured in dollars, saw a slight increase of 0.29%, rising from $43.03 billion in June to $43.15 billion in September.
However, the naira equivalent increased significantly by 9.22%, jumping from ₦63.07 trillion to ₦68.89 trillion. This increase was mainly due to the weakening exchange rate from ₦1,470.19/$ to ₦1,601.03/$ during the same period.
The DMO noted that the Federal Government is the main driver of domestic debt, which rose from N66.96 trillion in June to N69.22 trillion in September.
With the naira’s depreciation putting pressure on the economy, financial experts emphasize the urgent need for fiscal reforms to stabilize Nigeria’s economy.
