The Debt Management Office (DMO) said naira depreciation alone increased the total debt stock by N17.8 trillion in quarter one (Q1), dismissing the claim that the government has continued to pile up debts.
In a statement, the DMO argued that weak currency increased the naira value of the external debt from N38.22 trillion to N56.02 trillion between end of last year and March 31, 2024 even though the dollar value remained stable.
The exchange rate effect explains the N24.33 trillion rise in the total debt stock for Q1 2024, DMO said.
