The Bola Ahmed Tinubu administration has borrowed N6.53tn between December 2023 and March 2024 including the securitasation of Ways and Means, according to data from the Debt Management Office (DMO).

The additional borrowing pushed the country’s total public debt to N121.67tn as of March 2024. This is asides the impact of the exchange rate difference resulting from naira devaluation.

Nigeria’s total public debt, comprises of the total domestic and external debts of the Federal Government of Nigeria (FGN), the thirty-six (36) state governments, and the Federal Capital Territory (FCT).

A breakdown shows that the debt rose from N121.67tn ($91.46bn) as of March 31, 2024, from the N97tn ($108.23bn) which it was on December 31, 2024.

Total domestic debt was N65.65tn ($46.29bn), while total external debt was N56.02tn ($42.12bn).

DMO said, “Excluding Naira exchange rate movements in Q1 2024, only the Domestic Debt component of Total Public Debt grew from N59.12 trillion on December 31, 2023, to N65.65 trillion on March 31, 2024.

“The increase was from new bon-owing to pan-finance the 2024 Budget deficit and securitization of a portion of the N7.3tn Ways and Means Advances at the Central Bank of Nigeria.”

Analysis showed that the new debt and ways and means securitization rose N6.53tn in the first quarter of 2024.

The DMO warned, “Whilst borrowing, as provided in the 2024 Appropriation Act, will continue, we expect improvements in the Government’s Revenue to enhance debt sustainability.”