Naira Devaluation Boosts Foreign Debt to N30.03 Trillion

Nigeria's external debt has risen to N30.03 trillion due to the country's naira devaluation between 2023 and June 2024, according to a report by The PUNCH. This represents a significant increase in the nation's foreign debt.

A recent report has revealed that Nigeria's external debt has increased by approximately N30.03 trillion between 2023 and June 2024, largely due to the devaluation of the naira. This surge in foreign debt is estimated in naira terms, according to an analysis conducted by The PUNCH. As of the latest available data, Nigeria's external debt now stands at a significant level, with this recent increase contributing substantially to the country's growing financial burden.