Business
Nigeria’s Public Debt Burden Significantly Increases.
Nigeria’s public debt has experienced a substantial surge, reaching N144.67 trillion by December 2024, a 48.58% increase from the N97.34 trillion recorded at the close of 2023. This data, released by the Debt Management Office, indicates a year-on-year increase of N47.32 trillion and a quarter-on-quarter rise of 1.65%.
This escalation is primarily attributable to increased external and domestic borrowing. External debt rose by 83.89% to N70.29 trillion, while domestic debt increased by 25.77% to N74.38 trillion. The Federal Government accounts for the majority of both external (N62.92 trillion) and domestic (N70.41 trillion) debt.
This significant increase in Nigeria’s debt profile has prompted concern among financial experts, particularly regarding the country’s capacity to manage this growing burden amidst existing infrastructural deficits. The implications of this rising debt for Nigeria’s economic stability and future development remain a critical area of analysis.