Nigeria’s total public debt stock has surged to N144.67 trillion (equivalent to $94.23 billion) as of December 31, 2024, representing a 48.58% increase from the N97.34 trillion ($108.23 billion) recorded at the end of 2023.

This was revealed in the latest report by the Debt Management Office (DMO), which also indicated a 1.65% quarter-on-quarter increase from N142.32 trillion ($88.89 billion) as of September 2024.

A key contributor to the rising debt was the Federal Government’s domestic borrowings, which climbed by 32.19% from N53.26 trillion to N70.41 trillion within the year. The DMO attributed the sharp rise to the government’s continued reliance on domestic sources to finance budget deficits and infrastructure projects.

Conversely, domestic debts owed by state governments and the Federal Capital Territory (FCT) declined by 32.27%, dropping from N5.86 trillion in 2023 to N3.97 trillion by the end of 2024.

The latest figures reflect Nigeria’s growing fiscal pressures and underline the need for stronger debt management strategies and reforms to boost revenue and reduce borrowing.

The DMO assured that it remains committed to ensuring debt sustainability and transparency in public finance management.