By the conclusion of the second quarter of 2024, Nigeria’s total public debt stock had increased by N12.6 trillion in just three months to N134.3 trillion ($91.3 billion).
This is a 10.35% growth compared to the N121.7 trillion ($91.5 billion) reported in the first quarter of this year.
The devaluation of the naira, announced during a session held on the fringes of the World Bank/IMF annual meetings in Washington, DC, as Nigeria hosted international investors, has been largely blamed for the increase.
The document stated, “In Q2 2024, the debt stock grew in naira terms to N134.3tn ($91.3bn) from N121.7tn ($91.5bn) in Q1 2024, driven mainly by exchange rate devaluation. The dollar amount of debt was roughly the same.”
Nigeria’s internal debt increased by N5.55 trillion, or 8.45 percent, from N65.65 trillion in Q1 2024 to N71.2 trillion by Q2 2024, despite the fact that it appeared that the country’s debt was decreasing in dollar terms.
Additionally, the external debt increased by $780 million from $42.12 billion in the first quarter of this year to $42.9 billion by June 2024.
