Nigeria's public debt has risen by ₦24.33 trillion in just three months, reaching a total of ₦121.67 trillion as of March 31, 2024. This significant increase is attributed to both domestic and external borrowings by the federal government and the 36 state governments, as well as the Federal Capital Territory (FCT).

               The breakdown of the total debt shows that domestic debt accounts for ₦65.65 trillion, while external debt amounts to ₦56.02 trillion. The naira depreciation significantly contributed to the increase, as the total debt decreased by $16.77 billion or 18.34% in dollar terms.  

               The rise in debt is also attributed to new borrowing to finance the 2024 budget deficit and the securitization of a portion of the ₦7.3 trillion Ways and Means advances at the Central Bank of Nigeria. The Debt Management Office (DMO) noted that while borrowing will continue as provided in the 2024 Appropriation Act, improvements in government revenue are expected to enhance debt sustainability.

               This news raises concerns about Nigeria's debt sustainability and its potential impact on the economy. The country's debt servicing burden is already significant, and the increasing debt level may further strain the government's finances. The DMO's report comes as President Bola Tinubu has expressed his administration's commitment to reducing the country's reliance on borrowing for public spending and the resultant debt servicing burden.

               In conclusion, Nigeria's public debt has risen significantly, reaching ₦121.67 trillion as of March 31, 2024. The increase is attributed to both domestic and external borrowings, as well as naira depreciation. While the government continues to borrow to finance its budget deficit, concerns about debt sustainability and its impact on the economy are growing.