Nigeria’s total public debt surged to N144.67 trillion ($94.23 billion) as of December 2024—a 48.58% increase from the N97.34 trillion recorded a year earlier. This sharp rise was driven by both external and domestic borrowings, with the depreciation of the naira significantly inflating foreign debt figures.
External debt rose by 83.89% year-on-year, reaching N70.29 trillion, while domestic debt increased by 25.77% to N74.38 trillion. The Federal Government was the primary contributor to this growth, with its domestic debt jumping 32.19%. In contrast, subnational debt fell by 32.27%, signaling reduced borrowing by states and the FCT.
Quarter-on-quarter, total debt rose by 1.65%, or N2.35 trillion, between September and December 2024. The final quarter’s increase was modest but consistent, as external and domestic obligations both edged higher.
As of year-end, domestic debt made up 51.41% of Nigeria’s debt profile, with external debt at 48.59%. Analysts have raised concerns over rising debt levels, urging for better fiscal discipline, revenue diversification, and sustainable borrowing strategies to safeguard Nigeria’s economic future.
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