By Gwurld4026 
Nigeria’s 2024 Debt Surges to N144.67tn
Nigeria’s total public debt reached ₦144.67 trillion ($94.23 billion) as of December 31, 2024, marking a 48.58% increase from ₦97.34 trillion ($108.23 billion) at the end of December 2023.
Breakdown of the Debt:
- External Debt: ₦70.29 trillion ($45.78 billion), an 83.89% increase from ₦38.22 trillion ($42.50 billion) in December 2023. This surge is attributed to new foreign borrowings and the depreciation of the naira, which raised the naira-equivalent value of dollar-denominated debts.
- Domestic Debt: ₦74.38 trillion ($48.44 billion), a 25.77% rise from ₦59.12 trillion ($65.73 billion) in December 2023. The Federal Government’s domestic debt increased by 32.19%, climbing from ₦53.26 trillion to ₦70.41 trillion, reflecting increased reliance on local borrowing to cover budget deficits and fund infrastructure projects.
Contributing Factors:
The significant rise in public debt is primarily due to substantial growth in both external and domestic borrowings, driven by efforts to finance rising government expenditures amid persistent revenue underperformance. Additionally, the depreciation of the naira has inflated the local currency value of foreign debts.
Implications:
The escalating debt profile raises concerns about Nigeria’s fiscal sustainability, with the debt-to-GDP ratio projected to reach 54.6% by the end of 2024. This trend underscores the need for prudent fiscal management and strategies to boost revenue generation to mitigate the growing debt burden.