Presidency Debunks Rising Debt Claims, Says Nigeria’s Debt Stock Decreased By 15% In Q1 2024

The presidency has released details and facts about Nigeria’s debt under President Bola Tinubu, debunking claims of rising debt.

According to the Special Assistant to President Tinubu on Social Media, Dada Olusegun, Nigeria’s total debt stock decreased by 15% in dollar terms in Q1 2024.

Olusegun explained that the increase in public debt is largely due to economic factors such as depreciation of the naira exchange rate, interest rate changes, and securitization of Ways and Means.

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He added that the current administration inherited a legacy of N22.7 trillion in outstanding Ways and Means, which is being audited and securitized.

The presidency noted that Nigeria’s external debt stands at $42 billion, with multilateral creditors owed $20.82 billion and China owed $5 billion. The government’s capacity to pay its debts is intact, with a revamped financial system.