Nigeria borrowed N7.71 trillion not N24.33 trillion in Q1 2024 – DMO

Nigeria borrowed N7.71 trillion not N24.33 trillion in Q1 2024 – DMO

The Debt Management Office (DMO) has clarified that Nigeria's fresh borrowing was N7.71 trillion in the first quarter of 2024.

The fresh borrowing includes N2.81 trillion as part of the new domestic borrowing of N6.06 trillion provided in the 2024 Appropriation Act and N4.90 trillion as part of the securitization of the N7.3 trillion Ways and Means Advances approved by the National Assembly.

According to a press statement titled "Explaining the Q1 2024 Public Debt Data,", the DMO noted that the N24.33 trillion increase in the total debt was a result of a combination of fresh borrowing and naira devaluation. 

32.39% naira depreciation

The DMO noted that the exchange rate shifted from N899.39/$1 in Q4 2023 to N1,330.26/$1 in Q1 2024. This is a depreciation of 32.39%, which caused the naira value of external debt to rise sharply despite the actual dollar-denominated debt remaining relatively stable.
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In Q1 2024, the total public debt in naira terms stood at N121.67 trillion, up from N97.34 trillion in Q4 2023.

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https://nairametrics.com/2024/06/26/nigeria-borrowed-n7-71-trillion-not-n24-33-trillion-in-q1-2024-dmo/

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