Nigeria’s Public Debt Escalates to N144.67 Trillion as of December 2024
From Our Correspondent.
Nigeria’s public debt has surged dramatically by 48.58 percent, reaching an alarming N144.67 trillion as of December 2024, compared to N97.34 trillion at the close of 2023.
This data was released by the Debt Management Office of Nigeria in its latest report outlining the current status of the nation’s public debt.
The report indicates a staggering year-on-year increase of N47.32 trillion in Nigeria’s public debt and a quarter-on-quarter rise of 1.65 percent from N142.32 trillion recorded at the end of September 2024, underscoring a consistent upward trend in the country’s debt profile.
This escalation is primarily linked to a combination of both external and domestic borrowing.
External debt has seen an astonishing increase of 83.89 percent, reaching N70.29 trillion in December 2024, up from N38.22 trillion at the same time in 2023. Simultaneously, domestic debt has grown by 25.77 percent, amounting to N74.38 trillion in December 2024, compared to N59.12 trillion at the end of December 2023.
A detailed analysis reveals that the federal government holds N62.92 trillion (approximately $40.98 billion) of the external debt, while state governments and the Federal Capital Territory (FCT) collectively account for N7.37 trillion (around $4.80 billion).
In terms of domestic debt, the federal government is responsible for N70.41 trillion (roughly $45.86 billion), whereas the states and the FCT represent N3.97 trillion (approximately $2.58 billion).
