Nigeria's Public Debt Surges to N142.3trn

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Nigeria’s total public debt has risen by 5.97% or N8.02 trillion to N142.3 trillion as of September 30, 2024, according to the Debt Management Office (DMO).

This increase is largely attributed to the depreciation of the naira and heavy domestic borrowings by the federal government.

Key Highlights of the debts is Nigeria’s external debt in dollar terms which grew marginally from $42.9 billion in June to $43.03 billion in September.

However, the naira equivalent of external debt surged by 9.22% to N68.89 trillion.

Also, domestic debt recorded mixed performance, declining by 5.34% in dollar terms but increasing by 3.1% in naira terms to N73.43 trillion.

The Federal Government accounts for the bulk of domestic debt, which rose from N66.96 trillion in June to N69.22 trillion by September.

The debt owed by states and the Federal Capital Territory (FCT) declined slightly from N4.27 trillion to N4.21 trillion.

Indeed, the DMO reports that Nigeria raised $2.2 billion through its Eurobond auction in December 2024, marking its return to the international capital markets.

These funds are expected to support the 2024 budget amid revenue shortfalls and mounting public spending pressure.