Nigeria’s Public Debt Skyrockets to N144.67 Trillion in 2024

• Nigeria’s external debt jumped by 83.89 percent
• Domestic debt experienced a significant 25.77 percent surge
• With the debt numbers continuing on an upward trajectory, economists say Nigeria must urgently review its debt management strategy to prevent future economic instability.

According to a recent report released by the Debt Management Office (DMO), Nigeria’s total public debt has surged to an alarming N144.67 trillion as of December 2024. This marks a staggering 48.58 percent increase from the N97.34 trillion recorded at the end of 2023.

Eko Hot Blog reports that the report highlights a combination of rising external and domestic borrowings as the primary drivers of the rapid growth in the nation’s debt stock.

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Nigeria’s external debt alone has jumped by 83.89 percent, reaching N70.29 trillion in December 2024, up from N38.22 trillion in the same period of 2023.

The DMO data further indicates that the country’s debt profile increased by 1.65 percent on a quarterly basis, rising from N142.32 trillion recorded in September 2024.

Domestic debt experienced a significant 25.77 percent surge, reaching N74.38 trillion by the end of December 2024, up from N59.12 trillion in December 2023.

The Federal Government shoulders the majority of both external and domestic debt, with its external debt totaling N62.92 trillion ($40.98 billion). In contrast, state governments and the Federal Capital Territory (FCT) accounted for N7.37 trillion ($4.80 billion).

In the domestic segment, the Federal Government’s debt amounted to N70.41 trillion ($45.86 billion), while the states and FCT together owed N3.97 trillion ($2.58 billion).

The escalating public debt has sparked concerns among financial experts and economists, who question the sustainability of Nigeria’s fiscal policies and their long-term economic consequences.

Reacting to the report, the Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), Dr. Muda Yusuf, expressed deep concern over the ballooning debt profile, especially given the country’s widening infrastructure gap.

“Nigeria’s growing debt burden is not sustainable in the long term. It is particularly worrisome because the borrowings are not significantly translating into visible infrastructure or economic transformation,” Yusuf stated.

He also urged the Federal Government to explore alternative funding models and improve fiscal discipline to avoid plunging the country into deeper financial distress.

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With the debt numbers continuing on an upward trajectory, economists say Nigeria must urgently review its debt management strategy to prevent future economic instability.

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