Nigeria’s Public Debt Hits N144.67 Trillion, Rises by N47 Trillion in One Year

Nigeria’s public debt has surged by N47.32 trillion within a year, climbing from N97.34 trillion in December 2023 to N144.67 trillion at the end of 2024, according to the latest data from the Debt Management Office (DMO). This marks a 48.58 percent increase year-on-year, reflecting the country’s growing reliance on both domestic and external borrowing to finance government operations.

The DMO also reported a quarter-on-quarter rise in the debt stock, up 1.65 percent from N142.32 trillion recorded in September 2024. The data shows a consistent upward trend in borrowing, with significant contributions from both external and domestic sources.

External debt rose sharply by 83.89 percent, reaching N70.29 trillion in December 2024 from N38.22 trillion the previous year. Domestic debt also increased by 25.77 percent, from N59.12 trillion to N74.38 trillion during the same period.

A breakdown of the figures reveals that the federal government was responsible for N62.92 trillion (about $40.98 billion) of the external debt, while states and the Federal Capital Territory (FCT) owed N7.37 trillion (about $4.80 billion). In terms of domestic debt, the federal government held N70.41 trillion (about $45.86 billion), with states and the FCT owing N3.97 trillion (about $2.58 billion).

The sharp rise in Nigeria’s debt has sparked concerns among financial analysts. Dr. Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise, expressed worry over the country’s mounting debt levels in the face of persistent infrastructure gaps, warning that the trend could have long-term implications for fiscal sustainability.