Nigeria’s public debt stock surged to N134.3 trillion ($91.3 billion) at the end of the second quarter of 2024.
This was an increase of 10.35% from the N121.7 trillion ($91.5 billion) recorded in the first quarter and announced by the Debt Management Office (DMO).
According to a report by Nairametrics, an official document from the Ministry of Finance exclusively obtained, the increase, mainly driven by the devaluation of the naira, highlights ongoing challenges related to exchange rate volatility.
The document read: “In Q2 2024, the credit 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.”
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Notably, while the total grew in naira terms, the dollar equivalent of the debt remained relatively stable, underlining the impact of currency movements on dues valuation.
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