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By Adanna Nnamani, Abuja
Nigeria’s total public debt, covering federal, state, and Federal Capital Territory (FCT) liabilities, climbed to N144.67 trillion (about $94.23 billion) by 31 December 2024.
This marks a sharp rise from N97.34 trillion ($108.23 billion) at the end of December 2023, according to the latest Debt Management Office (DMO) report.
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The data shows a year-on-year surge of 48.58%, driven mainly by new foreign loans and naira depreciation, which has increased the cost of dollar-based debts.
The DMO noted a 1.65% rise from the N142.32 trillion ($88.89 billion) recorded on 30 September 2024, reflecting a steady climb in the last quarter.
The growing debt raises ongoing worries about Nigeria’s financial health and its ability to manage funds effectively in the future.
