Sunday, 06 April 2025 04:43

Nigeria’s debt by end of 2023 was N97.34trn. Just one year after, it surged by 49%. Here are the details

Rate this item
(0 votes)

Nigeria's total public debt reached N144.67 trillion ($94.23 billion) by December 31, 2024, marking a dramatic 48.58% increase from the N97.34 trillion ($108.23 billion) recorded at the end of 2023, according to the latest report from the Debt Management Office (DMO).

The debt burden continued its upward trajectory with a 1.65% quarter-on-quarter increase from N142.32 trillion in September 2024, reflecting persistent fiscal pressures in the final months of the year.

External and Domestic Debt Components

The substantial rise was driven by increases in both external and domestic borrowings:

- External debt surged by 83.89% to N70.29 trillion ($45.78 billion) from N38.22 trillion a year earlier, influenced by new foreign loans and naira depreciation that inflated the local currency value of dollar-denominated obligations.

- Domestic debt grew by 25.77% to N74.38 trillion ($48.44 billion), with the Federal Government's portion increasing by 32.19% to N70.41 trillion.

Interestingly, states and the Federal Capital Territory reduced their domestic debt burden by 32.27%, from N5.86 trillion to N3.97 trillion, suggesting a more conservative approach to borrowing at the subnational level.

Debt Structure and Future Projections

As of December 2024, Nigeria's debt profile shows a relatively balanced structure with external debt comprising 48.59% and domestic debt accounting for 51.41% of the total.

The country's debt is projected to exceed N157 trillion by the end of 2025, as the government plans to borrow an additional N13 trillion to finance the 2025 budget deficit.

A detailed breakdown reveals that the Federal Government holds N62.92 trillion in external debt and N70.41 trillion in domestic obligations, while states and the FCT account for N7.37 trillion in external and N3.97 trillion in domestic debt.​​​​​​​​​​​​​​​​

June 26, 2025

How to ace a job interview in 90 seconds, from an Ivy League communication expert

Sophie Caldwell You only have about 90 seconds to make a strong first impression in…
June 26, 2025

Peter Obi decries ‘coordinated lawlessness’ after brother’s property is demolished in Lagos without court order

Former presidential candidate Peter Obi has condemned what he described as a brazen act of…
June 23, 2025

The reason even successful people struggle to get out of bed some days

Sometimes after a long, productive day, I only have the energy to scroll on social…
June 21, 2025

Man convicted of posing as flight attendant to fly for free 120 times

A 35-year-old American man has been found guilty of impersonating a flight attendant at least…
June 26, 2025

17 soldiers killed, dozens injured in fierce gun battles with terrorists in Niger, Kaduna

Seventeen soldiers have been confirmed dead and at least ten others injured following coordinated attacks…
June 26, 2025

Here’s the latest as Israel-Hamas war enters Day 629

Seven Israeli soldiers killed in Gaza, pressure on Netanyahu for ceasefire The Israeli military said…
June 25, 2025

Tesla robotaxi launch: Why getting from dozens to millions of self-driving cars won't be easy

Tesla (TSLA.O) finally has a robotaxi. Now comes the hard part. The electric-vehicle maker deployed…
May 13, 2025

Nigeria's Flying Eagles qualify for World Cup after dramatic win over Senegal

Nigeria's U-20 national football team, the Flying Eagles, have secured their place at the 2025…

NEWSSCROLL TEAM: 'Sina Kawonise: Publisher/Editor-in-Chief; Afolabi Ajibola: IT Manager;
Contact Us: [email protected] Tel/WhatsApp: +234 811 395 4049

Copyright © 2015 - 2025 NewsScroll. All rights reserved.