Nigeria’s public debt reached N142.3 trillion by September 30, 2024, marking a 5.97% rise (N8.02 trillion) from June’s N134.3 trillion. According to the Debt Management Office (DMO), this increase was driven by both domestic borrowing and the naira’s depreciation, which elevated the value of external debt in local currency terms.
External debt grew by 0.29% in dollar terms, from $42.90 billion in June to $43.03 billion in September. However, its naira equivalent surged by 9.22%, from N63.07 trillion to N68.89 trillion, due to a weaker exchange rate (N1,470.19/$ in June to N1,601.03/$ in September).
Domestic debt saw mixed results. In dollar terms, it dropped by 5.34%, from $48.45 billion to $45.87 billion, but grew by 3.10% in naira terms, rising from N71.22 trillion to N73.43 trillion. The federal government’s domestic debt rose to N69.22 trillion, while debt by states and the FCT slightly declined to N4.21 trillion.
The DMO’s data highlights the mounting fiscal challenges facing Nigeria amid exchange rate fluctuations and increased borrowing.
