Nigeria’s public debt profile under President Bola Ahmed Tinubu has increased to N134.3 trillion at the end of June 2024 amid an infrastructural deficit in the country.
This is according to a document from the Ministry of Finance, Nairametrics reports.
The figure is a 10.35 percent increase from the N121.7 trillion recorded in the first quarter.
The Nigerian government said the increase in the country’s debt stock is mainly driven by the devaluation of the naira, highlighting ongoing challenges related to exchange rate volatility.
The document read: “In Q2 2024, the debt stock grew in naira terms to N134.3 trillion ($91.3 billion) from N121.7 trillion ($91.5 billion) in Q1 2024, driven mainly by exchange rate devaluation. The dollar amount of debt was roughly the same.”
Recalls that the Debt Management Office announced in June 2024 that Nigeria’s foreign and domestic debt stood at N121.67 trillion.
The development comes despite a growing infrastructural deficit across Nigeria, as citizens grapple with poor road networks.
Recall that economic experts had raised the alarm that the country’s persistently rising debt profile portends doom for Africa’s most populous country.
