Nigeria’s total public debt rose to N144.67tn ($94.23bn) as of December 31, 2024, representing a 48.58 per cent increase compared to N97.34tn ($108.23bn) recorded at the end of December 2023.
The Debt Management Office disclosed this in its latest report on the country’s public debt profile, which was released on Friday.
The report also revealed a quarter-on-quarter rise of 1.65 per cent from the N142.32tn ($88.89bn) recorded at the end of September 2024, highlighting the continuous increase in the nation’s debt burden during the final quarter of the year.
An analysis of Nigeria’s public debt on a year-on-year basis showed an increase of N47.32tn, representing a 48.58 per cent rise from December 2023 to December 2024.
The surge in public debt was primarily driven by significant increases in both external and domestic borrowings.
Nigeria’s external debt increased by 83.89 per cent from N38.22tn ($42.50bn) in December 2023 to N70.29tn ($45.78bn) in December 2024.
The sharp rise was attributed to new external borrowings and the impact of naira depreciation, which raised the naira equivalent of dollar-denominated debt.
Domestic debt also rose by 25.77 per cent from N59.12tn ($65.73bn) at the end of December 2023 to N74.38tn ($48.44bn) in December 2024.
The Federal Government’s domestic debt component grew significantly from N53.26tn to N70.41tn, reflecting a 32.19 per cent increase.
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