Naira depreciation adds N17.8 trillion to public debt in three months

The Debt Management Office said naira depreciation alone increased the total debt stock by N17.8 trillion in quarter one , dismissing the claim that the government has continued to pile up debts

Despite the perceived sharp increase in total debt stock, it clarified, the total external debt stock remained relatively stable, from $42.5 billion in Q4 2023 to $42.12 billion in Q1 2024. The DMO addressed the wide gap in the total debt profile between the fourth quarter of 2023 and the first quarter of 2024 , noting that the N24.33 trillion increase, in naira, terms has been misinterpreted as new borrowings.

It stressed: “In dollar terms, the total debt stock declined from $97.34 billion in Q4 2023 to $91.46 billion in Q1 2024, highlighting the impact of exchange rate changes on debt valuation.”

Source: Loan Digest (loandigest.net)

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