{"id":141924,"date":"2024-08-05T11:11:49","date_gmt":"2024-08-05T10:11:49","guid":{"rendered":"https:\/\/newsdigest.ng\/?p=141924"},"modified":"2024-08-05T11:11:49","modified_gmt":"2024-08-05T10:11:49","slug":"report-reveals-nigerias-debt-projected-to-reach-n130-trillion-by-december","status":"publish","type":"post","link":"https:\/\/thepublicpulse.ng\/?p=141924","title":{"rendered":"Report Reveals Nigeria\u2019s Debt Projected to Reach N130 Trillion by December"},"content":{"rendered":"<p>&nbsp;<\/p>\n<p>Nigeria\u2019s total debt is expected to rise to N130 trillion by December 2024, up from N121.67 trillion recorded in the first quarter of the year, according to a recent report by Afrinvest.<\/p>\n<p>The report, titled *Bank Recapitalisation, Catalyst for a $1tn Economy*, highlights growing concerns over the nation\u2019s debt-to-GDP ratio.<\/p>\n<p>The increase in debt from N97.34 trillion in the fourth quarter of 2023 to N121.67 trillion in Q1 2024 represents a 24.99 percent rise over the year.<\/p>\n<p>Afrinvest forecasts that by the end of 2024, Nigeria\u2019s fiscal deficit, total public debt, debt-to-GDP ratio, and debt-servicing-to-revenue ratio will surpass N13 trillion, N130 trillion, 55 percent, and 60 percent, respectively.<\/p>\n<p>The report attributes the anticipated debt increase to what it describes as overly optimistic revenue projections in the 2024 budget, which may lead to underperformance.<\/p>\n<p>It notes that the expectation of 43.9 percent revenue from oil and other minerals is unrealistic.<\/p>\n<p>Additionally, the report highlights a significant rise in the Federal Government\u2019s share of the total public debt, which increased by 44.6 percent year-on-year to N487.3 trillion, accounting for 89.7 percent of the total public debt by year-end.<\/p>\n<p>Recently, President Bola Ahmed Tinubu approved the 2024 budget of N28.7 trillion, with an estimated revenue of N18.32 trillion and a deficit of N9.18 trillion.<\/p>\n<p>The Senate also approved an $800 million loan request from the World Bank, following the earlier approval of a $2.25 billion loan request in June 2024.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; Nigeria\u2019s total debt is expected to rise to N130 trillion by December 2024, up from N121.67 trillion recorded in the first quarter of the year, according to a recent report by Afrinvest. The report, titled *Bank Recapitalisation, Catalyst for a $1tn Economy*, highlights growing concerns over the nation\u2019s debt-to-GDP ratio. The increase in debt [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":138734,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[18],"tags":[],"class_list":["post-141924","post","type-post","status-publish","format-standard","has-post-thumbnail","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Report Reveals Nigeria\u2019s Debt Projected to Reach N130 Trillion by December - The Public Pulse<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thepublicpulse.ng\/?p=141924\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Report Reveals Nigeria\u2019s Debt Projected to Reach N130 Trillion by December - The Public Pulse\" \/>\n<meta property=\"og:description\" content=\"&nbsp; Nigeria\u2019s total debt is expected to rise to N130 trillion by December 2024, up from N121.67 trillion recorded in the first quarter of the year, according to a recent report by Afrinvest. The report, titled *Bank Recapitalisation, Catalyst for a $1tn Economy*, highlights growing concerns over the nation\u2019s debt-to-GDP ratio. 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