Public debt stock may hit N130tn by Dec – Report

Nigeria’s public debt stock is projected to hit N130tn this year, raising concerns about the country’s debt-to-gross domestic product ratio.

This was revealed in a report by Afrinvest, an investment management company, titled, ‘Bank Recapitalisation, Catalyst for a $1tn Economy, ‘ unveiled in Abuja recently.

Nigeria’s public debt stock, which includes external and domestic debt, stood at N121.67tn in the first quarter of 2024, up from N97.34tn in the fourth quarter of 2023, according to the National Bureau of Statistics, indicating a growth rate of 24.99 per cent on a quarter-on-quarter basis.

Afrinvest estimated that the fiscal deficit, total public debt stock, debt-to-GDP, and debt-servicing-to-revenue rate would exceed N13.0tn, N130tn, 55 per cent, and 60 per cent by 2024 year-end, respectively.