Nigeria's total public debt has surged to N144.67 trillion (approximately $94.23 billion) as of December 31, 2024, according to the latest figures from the Debt Management Office (DMO).
The new data shows a steep 48.58% increase from the N97.34 trillion ($108.23 billion) recorded at the end of December 2023.
The DMO attributes this sharp rise to new external borrowings and the continued depreciation of the naira, which has inflated the value of dollar-denominated debt.
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Between September and December 2024 alone, the country's debt stock rose by 1.65%, climbing from N142.32 trillion ($88.89 billion), highlighting a consistent upward trend.
The mounting debt has sparked fresh concerns over Nigeria's fiscal sustainability and the government's ability to manage rising obligations while addressing urgent development needs.
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