NewStats: 3,263,758 , 8,181,303 topics. Date: Saturday, 07 June 2025 at 06:42 PM 2l3g1f

Nigeria’s total public debt rose to N142.3 trillion as of September 30, 2024, representing an increase of 5.97% (N8.02 trillion) compared to N134.3 trillion in June 2024.

This is according to the latest data released by the Debt Management Office (DMO) on Tuesday.

Nairametrics observed that this increase reflects the combined effects of rising domestic borrowing and the impact of exchange rate depreciation on external debt when converted to naira .

External debt surge driven by currency depreciation
Data from the DMO showed that Nigeria’s external debt in dollar grew marginally by 0.29%, from $42.90 billion in June to $43.03 billion in September.

However, the naira equivalent of external debt surged significantly by 9.22%, rising from N63.07 trillion to N68.89 trillion during the same period.

The increase was largely driven by the naira’s depreciation against the US dollar, as the exchange rate weakened from N1,470.19/$ in June to N1,601.03/$ by the end of September.

Rising domestic debt
Domestic debt recorded mixed performance, declining by 5.34% in dollar from $48.45 billion in June to $45.87 billion in September. In naira , however, domestic debt increased by 3.10%, from N71.22 trillion to N73.43 trillion.

The Federal Government ed for the bulk of domestic debt, which rose from N66.96 trillion in June to N69.22 trillion by September. In contrast, domestic debt owed by states and the Federal Capital Territory (FCT) declined slightly, from N4.27 trillion to N4.21 trillion.

Nairametrics further observed that Federal Government bonds remained the largest component of domestic debt, increasing by 4.47% to N54.65 trillion in September, up from N52.32 trillion in June. This represents 78.95% of the total domestic debt stock, an increase from 78.13% in the previous quarter.

The issuance of bonds in naira ed for the majority of this growth. Also, Nigeria introduced its first domestic dollar-denominated bond, adding N1.47 trillion to the debt stock.

Other domestic debt components
Nigerian Treasury Bills: The second-largest domestic debt component, Treasury Bills, declined marginally by 0.66% to N11.73 trillion, from N11.81 trillion in the previous quarter. This reduction aligns with efforts to moderate short-term debt and mitigate rollover risks.

Promissory notes: Promissory notes, used to settle government obligations, grew by 5.80%, increasing from N1.67 trillion in June to N1.77 trillion in September.

FGN Sukuk: Federal Government Sukuk, an infrastructure funding instrument, declined by 9.14% to N992.56 billion, down from N1.09 trillion.
FGN Savings Bonds: Savings bonds increased by 16.11% to N64.09 billion, reflecting growing retail investor participation.

Green Bonds: Green bonds remained unchanged at N15 billion, maintaining their minimal contribution of 0.02% to the domestic debt stock.

External debt components
Analysis of Nigeria’s external debt stock of $43.03 billion in September 2024 revealed a largely stable profile, with only minor adjustments in multilateral and bilateral obligations.

Multilateral debt: Multilateral obligations increased by 0.67% to $21.77 billion, maintaining their dominance at 50.60% of the total external debt. The increase was driven by additional disbursements from institutions like the World Bank, which added $513.06 million to its International Development Association portfolio, now at $16.84 billion.
Bilateral loans: Bilateral debt decreased slightly by 1.33%, falling from $5.89 billion to $5.81 billion. Loans from China, Nigeria’s largest bilateral lender, declined by $99.98 million, while obligations to and remained stable.
Commercial loans: Commercial loans, primarily Eurobonds, were unchanged at $15.12 billion, representing 35.14% of total external debt.

What you should know
Nigeria raised $2.2 billion in December 2024 through its Eurobond auction, marking its return to the international capital markets. The funds were raised through two bonds: a 6.5-year $700 million bond at 9.625% and a 10-year $1.5 billion bond at 10.375%.

While total subscriptions exceeded $9 billion, only $2.2 billion was allotted. These funds are expected to the 2024 budget amid revenue shortfalls and mounting public spending pressures.
The addition of Eurobond proceeds in Q4 2024 is expected to further increase the country’s external debt.

The rising debt profile, coupled with naira depreciation and increasing reliance on domestic borrowing, raises questions about Nigeria’s debt sustainability.

https://nairametrics.com/2025/01/22/nigerias-public-debt-rises-by-n8-02-trillion-to-n142-3-trillion-in-q3-2024/

Just 142 Trillion NAIRA 🤣🤣🤣🤣

When the US is owing 36 Trillion DOLLARS

CoronaVirusPro:
Just 142 Trillion NAIRA 🤣🤣🤣🤣

When the US is owing 36 Trillion DOLLARS

They still have a better economy and society than OUR shittthole.

SeverusSnape:

They still have a better economy and society than OUR shittthole.

$36 Trillion in debt and you say they are better. We are in same category please.

CoronaVirusPro:



$36 Trillion in debt and you say they are better. We are in same category please.

Go and check the GDP per capita of US and your darling country, Come back and confess which country is better.

SeverusSnape:

Go and check the GDP per capita of US and your darling country, Come back and confess which country is better.

Nigeria will be in US shoes if not better than, if we were THIRTY-SIX TRILLION DOLLARS in debt.

CoronaVirusPro:


Nigeria will be in US shoes if not better than, if we were THIRTY-SIX TRILLION DOLLARS in debt.

You see, You're now contradicting yourself. Are you now implying, like I earlier said, that the US is far better than Nigeria?

SeverusSnape:

You see, You're now contradicting yourself. Are you now implying, like I earlier said, that the US is far better than Nigeria?

No

If you deduct the debt. The US is in same shoes with Nigeria

This is a testament to the ineffectiveness of these so-called reforms. The debts keep increasing per quarter. This also shows that the claim of revenue to debt servicing reduction is a huge lie.

This is for the third quarter which does not cover the $2.2bn eurobond and the $1.5bn WB loan. That means the fourth quarter will be much worse.

Tinubu and his team are clueless. They have no solution just platitudes and propaganda

CoronaVirusPro:


No

If you deduct the debt. The US is in same shoes with Nigeria

Is that how you were taught to think in your school.

To clear $36trn and to clear NGN142trn which of the countries will have to print more of its currency?

Printing of the currency will lead to more inflation so which country will have it worse

School is not a scam after all

Loan having no effect

Nigeria is in serious debt, but people in deep and multi dimensional poverty!

Nlfpmod!

Oh well... This is just the BEGINNING!

By the end of 2027, it should be beyond 200 Trillion.


I simply can't understand the endless borrowing without commensurate development, economic growth and investments.

COMRADES are speechless, which public debt? All APC's should look for means to repay the creditors, wetin concern us?

Those who left Nigeria before now do not know what God did for them.
If you know what is good for your future, find your way out of this country.
NIGERIA have already been sold out.

Today, you will hear, "our economic reforms are yielding positive results". Tomorrow, you will hear, "we've saved N900b after fuel subsidy removal". Then the next minute, you will hear, "FG to borrow $500m IMF loan". Now, we are hearing that total external debt has risen to $142trn.

This is what happens when you concort figures to deceive the populace. You will surely be inconsistent.

H.E Alh. Atiku Abubakar perfectly termed it "Bolekaja" economic prescription.

Narrow-minded.

Give Nigeria 36 trillion dollars, it will not be 1/10 of the US because it will be stolen

CoronaVirusPro:


Nigeria will be in US shoes if not better than, if we were THIRTY-SIX TRILLION DOLLARS in debt.

Yet nothing to show for it. They just keep borrowing to loot. Very wicked people.

Ojuntana:
This is a testament to the ineffectiveness of these so-called reforms. The debts keep increasing per quarter. This also shows that the claim of revenue to debt servicing reduction is a huge lie.

This is for the third quarter which does not cover the $2.2bn eurobond and the $1.5bn WB loan. That means the fourth quarter will be much worse.

Tinubu and his team are clueless. They have no solution just platitudes and propaganda

illiterate, this is total of national debts, including State Governments, not only FG debts. The only thing you sabi na to dey open mouth talk ignorantly.

Lol congrats. And nothing to show just increase prices and taxes

ogaemma:
Those who left Nigeria before now do not know what God did for them.
If you know what is good for your future, find your way out of this country.
NIGERIA have already been sold out.

Bitter Obidient, Syria and Yemen visa are free. What are you still waiting for?, illiterate.

CoronaVirusPro:


Nigeria will be in US shoes if not better than, if we were THIRTY-SIX TRILLION DOLLARS in debt.

Go and warn eba; that's if there's one for you this night.

Debt is a good thing if utilized properly, but we all know Nigeria borrow for consumption instead of production, that's where the problem lies.

Angelfrost:
Oh well... This is just the BEGINNING!

By the end of 2027, it should be beyond 200 Trillion.


I simply can't understand the endless borrowing without commensurate development, economic growth and investments.

Do you know how much your state Governor has borrowed?

Tinubu has finished Nigerians born and yet to be born.

Nonexisting1:
Tinubu has finished Nigerians born and yet to be born.

jaxxy:
Lol congrats. And nothing to show just increase prices and taxes

Illiterate, public debts includes both federal and states. Go school dem say no.

zero8zero:

Do you know how much your state Governor has borrowed?

Yes chief... I do!

...And it is beyond shameful and reprehensible, cos there is absolutely nothing to show for such massive borrowing.

Leaders from state to Federal have been financially irresponsible.

treesun:
Nlf.pmod!

Do you know how much is the debt of your state is owing because public debt also includes states but illiterates do not know this.

Dem go soon share am for all of us to pay😂

zero8zero:



Illiterate, public debts includes both federal and states. Go school dem say no.

Na ogun go unalive you if you quote me again with nonsense. Ediot. Keep defending what you benefit not from. It's not Tinubu's fault, it's my fault. As if state governors can obtain domestic or foreign loans without FG clearance, mtchew. All you cretins will meet your doom if not soon, later.

This is highly commendable ,
Agbado government is really doing well