Nigeria’s public debt stock surged to N134.3 trillion ($91.3 billion) by 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).
Browsing: debt
While the increase in borrowing is notable, Nigeria’s debt servicing costs have also been significant, almost matching the amount borrowed.
As of December 2023, Nigeria’s total gross domestic product (GDP) was N229.9 trillion in nominal terms, though it grew by only 2.74% in real terms. This suggests that the country’s debt-to-GDP ratio is now above 50% for the first time.
Some financial experts have expressed optimism that there is no cause for alarm over the country’s current debt profile.
Katsina State Government said on Wednesday that it has not borrowed any loan since its inception on May 29.
Nigeria’s public debt stock as at Dec. 31, 2023, was N97. 341 trillion (108.229 billion dollars), according to data released…
Benue Commissioner for Justice and Public Order, Mr Fidelis Mnyim, has said that Gov. Hyacinth Alia-led administration inherited N14 billion as judgement debts from the previous administration.
ASHENEWS reports that the Niger State government says it has cleared the sum of N205 million owed to the West Africa Examination Board (WAEC).
The Independent Petroleum Marketers Association of Nigeria (IPMAN), has asked the Anambra state governor, Chukwuma Soludo to pay the N900.7 million debt owed to its members over supply of diesel.
Plateau State governor, Caleb Mutfwang says his administration inherited a debt burden of N307 billion from the immediate past administration in the state.