Nigeria’s public debt has surged by approximately ₦57.3 trillion over an 18-month period, escalating from ₦87.38 trillion in June 2023 to ₦144.67 trillion by December 2024.
The Nigerian naira weakened significantly, from ₦770.38 to ₦1,535.32 per US dollar during this period. This devaluation inflated the naira value of foreign-denominated debts, even though the actual dollar amount of the debt decreased by 17%, from $113.42 billion to $94.23 billion.
The federal government remains the primary contributor to the debt, accounting for over 90% of the total. Its domestic debt increased from ₦48.31 trillion to ₦70.41 trillion, a 45.7% rise.
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This includes the conversion of ₦22.7 trillion in Ways and Means advances from the Central Bank of Nigeria into tradable bonds.
The federal government’s external obligations rose from ₦29.9 trillion to ₦62.92 trillion, nearly doubling in naira terms. This shift has led to external debt comprising almost half of Nigeria’s total debt stock.
