Nigeria’s total public debt rose by N57.3tn within the first 18 months of the current administration, according to an analysis of data released by the Debt Management Office.
The increase represents a 65.6 per cent surge in the debt stock, growing from N87.38tn recorded at the end of June 2023 to N144.67tn as of December 2024.
President Bola Tinubu, who assumed office on May 29, 2023, inherited a debt portfolio that already reflected heavy domestic obligations, including a N22.7tn Ways and Means balance from the Central Bank of Nigeria.
However, within a year and a half, Nigeria’s borrowing profile expanded sharply, driven by increased local debts and a steep depreciation of the naira.
At the end of June 2023, the DMO reported that Nigeria’s total external debt stood at N33.25tn, while domestic debt was N54.13tn. By December 2024, external debt had jumped to N70.29tn, while domestic debt climbed to N74.38tn.
The rise in external obligations, both in absolute and proportional terms, marks a shift in the composition of Nigeria’s debt, with foreign debt now accounting for nearly half of the country’s total debt stock.
