Nigeria’s total public debt rose to ₦142.3 trillion as of September 30, 2024, reflecting a 5.97 percent increase from ₦134.3 trillion in June, according to data from the Debt Management Office (DMO).
Naija News understands that the surge in public debt, driven by both external and domestic obligations, underscores the significant impact of exchange rate depreciation on the country’s debt profile, particularly external borrowings.
In dollar terms, external debt saw a marginal increase of 0.29 percent, from $42.90bn in June to $43.03bn in September.
However, in naira terms, external debt jumped by 9.22 percent, rising from ₦63.07tn to ₦68.89tn during the same period.
This sharp increase was attributed to the weakening of the naira, which depreciated from ₦1,470.19/$ in June to ₦1,601.03/$ by the end of September.
Domestic Debt Rises Despite Dollar Decline
While domestic debt in dollar terms fell by 5.34 percent—from $48.45bn in June to $45.87bn in September—it rose by 3.10 percent in naira terms, increasing from ₦71.22tn to ₦73.43tn.
The Federal Government’s external debt rose slightly from $38.01bn in June to $38.12bn in September. States and the Federal Capital Territory (FCT) held $4.91bn in external debt, up from $4.89bn.
For domestic debt, the Federal Government’s obligations increased from ₦66.96tn to ₦69.22tn, while states and the FCT recorded a minor reduction from ₦4.27tn to ₦4.21tn.
Federal Government bonds remained the largest component of domestic debt, accounting for 78.95 percent of the total domestic debt stock, up from 78.13 percent in the previous quarter.
