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Nigeria’s total public debt hits N144.67 trillion ($94.23 billion) as of December 31, 2024.
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The debt increase is attributed to significant rises in both external and domestic borrowings.
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The Debt Management Office (DMO) reports a 48.58% year-on-year increase in public debt.
Abuja, Nigeria – Nigeria’s total public debt has risen to N144.67 trillion ($94.23 billion) as of December 31, 2024, according to the Debt Management Office (DMO).
This represents a significant increase of 48.58% compared to N97.34 trillion ($108.23 billion) recorded at the end of December 2023.
The surge in public debt is attributed to substantial increases in both external and domestic borrowings. External debt rose by 83.89% from N38.22 trillion ($42.50 billion) in December 2023 to N70.29 trillion ($45.78 billion) in December 2024. Domestic debt also witnessed considerable growth, increasing by 25.77% from N59.12 trillion ($65.73 billion) at the end of December 2023 to N74.38 trillion ($48.44 billion) in December 2024.
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The rise in public debt has sparked concerns among economic analysts, given the potential implications for Nigeria’s fiscal stability.
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The sharp increase, particularly in external debt, highlights the vulnerability of the nation’s finances to exchange rate fluctuations and changes in global economic conditions.
Financial experts have called for more prudent debt management practices, emphasizing the need to boost revenue generation through economic diversification and enhanced tax collection.
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