Nigeria’s Public Debt Soars by ₦47tn, Projected to Reach ₦144.67tn

Nigeria’s national debt rose from N97.34 trillion at the end of 2023 to N144.67 trillion in December 2024, a 48.58 percent rise.

This was revealed by Nigeria’s Debt Management Office in its most recent report on the public debt profile of the nation.

According to additional research, Nigeria’s national debt increased by N47.32 trillion annually.

The country’s debt profile has been steadily increasing, as seen by the report’s 1.65% quarter-over-quarter increase from the N142.32 trillion reported at the end of September 2024.

Both domestic and foreign borrowing are the primary causes of the increase in the debt profile of the most populous country in Africa.

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From N38.22 trillion in December 2023 to N70.29 trillion in December 2024, the external debt increased by 83.89 percent.

Similarly, domestic debt increased from N59.12 trillion at the end of December 2023 to N74.38 trillion in December 2024, a 25.77 percent increase.

Accordingly, a further breakdown of external debt shows that the federal government accounted for N62.92 trillion ($40.98 billion), while states and the FCT held N7.37 trillion ($4.80 billion).

In the domestic debt segment, the federal government held N70.41 trillion ($45.86 billion), with states and the FCT accounting for N3.97 trillion ($2.58 billion).

The increase in Nigeria’s debt profile has raised concerns among financial experts.

The Chief Executive Officer of the Centre for Promotion of Private Enterprises, Dr. Muda Yusuf, criticised the rising debt rise in Nigeria despite the huge infrastructural deficit.