Nigeria’s total public debt has risen to N142.3 trillion as of September 2024, according to the Debt Management Office (DMO). This marks an increase of N8 trillion, or 5.97%, compared to N134.3 trillion in June 2024. The public debt comprises both domestic and external debt from the federal government, the 36 states, and the Federal Capital Territory (FCT).
The DMO attributed the rise in debt primarily to higher domestic borrowing and the effect of exchange rate depreciation on external debt. The naira weakened from N1,470.19 to N1,601.03 against the dollar between June and September, increasing the naira-equivalent value of foreign debt.
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Of the total debt, N73.4 trillion (approximately $45.8 billion) is domestic, while N68.8 trillion (about $43 billion) is external. The federal government accounts for the largest portion of the domestic debt, which grew from N66.96 trillion in June to N69.22 trillion by September.
Meanwhile, domestic debt held by states and the FCT decreased slightly from N4.27 trillion in June to N4.21 trillion in September 2024.
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