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  "documentTitle": "2025 Nigeria Budget and Economic Outlook",
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  "notes": "The chart uses a dual-axis approach to show the correlation between debt in Naira and the exchange rate in Naira/USD.",
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      "kind": "callout",
      "text": "The liberalisation of the exchange rate led to the depreciation of the naira which in turn increased the value of external debt",
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      "text": "Nigeria's Debt Obligations (₦'trillion)",
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      "text": "Sources: DMO, PwC Analysis | 2025 Nigeria Budget and Economic Outlook | January 2025 | 19",
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      "text": "Domestic Debt (₦'trillion) (LHS) | External Debt (₦'trillion) (LHS) | Official Exchange Rate (₦/$) (RHS)",
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      "text": "External debt rose by 89.7% to ₦63.1 trillion in dollar terms and by 31.6% to ₦71.2 trillion in Q2 2024, up from ₦54.31 trillion in Q2 2023, due to increased FGN bond subscriptions and a 47% naira depreciation from ₦770.38/$ to ₦1,470.19/$. In 2025, exchange rate dynamics will influence total debt, with further naira devaluation increasing external debt burdens. The oversubscription of Nigeria's $2.2 billion Eurobond, with a peak order book of over $9 billion, highlights investor confidence but adds to the debt load. Reliance on debt instruments without matching revenue-generating investments risks crowding out private sector investment and worsening debt sustainability in the long term.",
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      "text": "Nigeria's total debt in 2025 will be shaped by its exchange rate dynamics and planned fiscal deficit",
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