Every Nigerian now ‘owes’ ₦711,500 as nation’s debt profile surges

Nigeria’s total public debt climbed to ₦142.3 trillion by the end of September 2024, reflecting a 5.97% increase from ₦134.3 trillion in June, according to the Debt Management Office (DMO).

The surge in debt is driven by increased domestic borrowing and the depreciation of the naira, which significantly inflated the naira equivalent of external debt.

External debt, measured in dollars, rose slightly by 0.29%, from $43.03 billion in June to $43.15 billion in September. However, the naira equivalent of external debt jumped by 9.22%, rising from ₦63.07 trillion to ₦68.89 trillion due to the naira weakening from ₦1,470.19/$ to ₦1,601.03/$ within the period.

Domestic debt showed mixed results. While it declined by 5.34% in dollar terms (from $48.45 billion to $45.87 billion), it increased by 3.10% in naira terms, from ₦71.22 trillion to ₦73.43 trillion. The Federal Government accounted for the bulk of domestic debt, which rose from ₦66.96 trillion in June to ₦69.22 trillion in September.

Meanwhile, debt owed by states and the Federal Capital Territory (FCT) saw a marginal decline, from ₦4.27 trillion to ₦4.21 trillion.