External Borrowing: Nigeria’s Debt Rises By N47tn, To Hit N144.67tn Under Tinubu
The country's external debt has increased by 48.58 percent from N97.34 trillion recorded at the end of 2023 to N144.67 trillion as of December 2024
The country's external debt has increased by 48.58 percent from N97.34 trillion recorded at the end of 2023 to N144.67 trillion as of December 2024
This was made known by the Debt Management Office, DMO, in its latest report on the country’s public debt profile, even as further analysis revealed that the country's public debt increased by N47.32 trillion on a year-on-year basis.
According to the report a quarter-on-quarter rise of 1.65 percent from the N142.32 trillion recorded at the end of September 2024, showed that the country’s debt profile had been on a steady rise, due
mainly to external and domestic borrowing.
The report showed that external debt rose by 83.89 percent to N70.29 trillion in December from 38.22 trillion in the same period in 2023, just as domestic debt rose by 25.77 percent to N74.38 trillion in December 2024 from 59.12 trillion at the end of December in 2023.
Furthermore the report showed that the Federal Government accounted for N62.92 trillion ($40.98 billion), while states and the FCT held N7.37 trillion ($4.80 billion).
In the domestic debt segment, the federal government held N70.41 trillion ($45.86 billion), with states and the FCT accounting for N3.97 trillion ($2.58 billion).
According to the report a quarter-on-quarter rise of 1.65 percent from the N142.32 trillion recorded at the end of September 2024, showed that the country’s debt profile had been on a steady rise, due
mainly to external and domestic borrowing.
The report showed that external debt rose by 83.89 percent to N70.29 trillion in December from 38.22 trillion in the same period in 2023, just as domestic debt rose by 25.77 percent to N74.38 trillion in December 2024 from 59.12 trillion at the end of December in 2023.
Furthermore the report showed that the Federal Government accounted for N62.92 trillion ($40.98 billion), while states and the FCT held N7.37 trillion ($4.80 billion).
In the domestic debt segment, the federal government held N70.41 trillion ($45.86 billion), with states and the FCT accounting for N3.97 trillion ($2.58 billion).
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