Market News
Nigeria’s debt stock surges to N142trn on weak naira - BUSINESSDAY
Nigeria’s public debt profile has yet again increased by N8.02 trillion to N142 trillion as of the end of September 30, 2024 driven by the depreciation of the naira that has continued to affect the country’s cost of external obligation.
According to data published by the Debt Management Office (DMO) on Tuesday, the spike represented a 5.97 percent increase from N134.3 trillion recorded in the second quarter of 2024.
The debt, comprising external and domestic obligations, reflects the significant impact of exchange rate depreciation on external borrowings when converted to naira terms.
With the exchange rate weakening from N1,470.19/$ in June to N1,601.03/$ by the end of September, Africa’s fourth largest economy has as much as N68.88 trillion ($43 billion) as its foreign debt, accounting for 48.4 percent of the total debt stock.
