Nigeria’s Public Debt Soars by 48.5% to N144.67 Trillion in 2024 — DMO

Nigeria’s public debt surged by 48.5 percent year-on-year (YoY) to N144.67 trillion ($94.23 billion) in 2024, up from N97.34 trillion ($108.23 billion) in 2023, according to the Debt Management Office (DMO).

The sharp rise in the nation’s debt profile is attributed to increasing external borrowings and the impact of naira depreciation amid shifting global economic dynamics.

According to the DMO’s latest report, the country’s debt stock is made up of external debt of N70.29 trillion ($45.78 billion), which was serviced with $4.66 million, and domestic debt of N74.38 trillion ($48.44 billion).

The data revealed that external debt rose by 83.89 percent YoY from N38.22 trillion ($42.5 billion) in 2023, highlighting Nigeria’s growing reliance on foreign borrowing. Domestic debt also saw a 25.7 percent YoY increase, up from N59.12 trillion ($65.73 billion) in 2023.

Further analysis shows that the Federal Government’s domestic debt climbed by 32 percent YoY to N70.41 trillion, compared to N53.26 trillion in 2023. In contrast, the domestic debt of states and the Federal Capital Territory (FCT) dropped by 32 percent to N3.97 trillion, from N5.86 trillion in 2023.