Nigeria’s total public debt rose to N144.67 trillion ($94.23 billion) as of December 31, 2024, reflecting a significant increase of 48.58% compared to N97.34 trillion ($108.23 billion) recorded at the end of December 2023.

This latest figure was disclosed by the Debt Management Office (DMO) in its report on the country’s public debt profile.

The report also indicated a quarter-on-quarter rise of 1.65% from the N142.32 trillion ($88.89 billion) recorded at the end of September 2024, highlighting the continued increase in the nation’s debt burden within the final quarter of the year.

Year-on-year analysis 

An analysis of Nigeria’s public debt on a year-on-year basis reveals a notable increase of N47.32 trillion, representing a 48.58% rise from December 2023 to December 2024.

The surge in public debt was driven primarily by significant increases in both external and domestic borrowings.

Nigeria’s external debt rose substantially by 83.89% from N38.22 trillion ($42.50 billion) in December 2023 to N70.29 trillion ($45.78 billion) in December 2024.

The Federal Government’s domestic debt component rose significantly from N53.26 trillion to N70.41 trillion, a growth of 32.19%. This increase reflects the government’s continued reliance on local borrowing to finance budget deficits and infrastructure projects.

Conversely, the domestic debt owed by states and the Federal Capital Territory (FCT) saw a reduction from N5.86 trillion to N3.97 trillion, representing a decline of 32.27%.

The reduction in state-level borrowing indicates a cautious approach by some subnational governments towards debt accumulation within the year.

Quarter-on-quarter analysis 

The marginal rise within the quarter was driven by increases in both external and domestic debt components.

External debt grew by N1.4 trillion, moving from N68.89 trillion ($43.03 billion) as of the end of September 2024 to N70.29 trillion ($45.78 billion) in December 2024.

The increase within the quarter was influenced by additional foreign loans obtained in the last three months of the year, alongside the further weakening of the naira against major international currencies.

On the domestic front, debt rose slightly by 1.29%, from N73.43 trillion ($45.87 billion) in September 2024 to N74.38 trillion ($48.44 billion) by the end of December. The Federal Government’s domestic debt increased from N69.22 trillion to N70.41 trillion within the quarter.

However, domestic debt attributed to states and the FCT reduced from N4.21 trillion to N3.97 trillion, reflecting a 5.69% decrease.

Debt composition 

As of December 2024, external debt constituted 48.59% of Nigeria’s total public debt, while domestic debt made up 51.41%, indicating a relatively balanced debt structure.

However, the continued increase in external borrowings suggests a growing reliance on foreign debt to bridge budgetary shortfalls

The breakdown of external debt shows that the Federal Government accounted for N62.92 trillion ($40.98 billion), while states and the FCT held N7.37 trillion ($4.80 billion).

In the domestic debt segment, the Federal Government held N70.41 trillion ($45.86 billion), with states and the FCT accounting for N3.97 trillion ($2.58 billion).

What you should know 

The rise in public debt has sparked concerns among economic analysts, given the potential implications for Nigeria’s fiscal stability.

The sharp increase, particularly in external debt, highlights the vulnerability of the nation’s finances to exchange rate fluctuations and changes in global economic conditions. With the naira’s continued depreciation, the cost of servicing foreign debt could escalate, placing additional strain on the country’s financial resources.

The government’s dependence on both external and domestic borrowing to fund critical projects points to underlying fiscal challenges, including revenue shortfalls and the need for substantial infrastructure investments.

While domestic debt remains the larger component of the debt portfolio, the significant growth in external liabilities underlines the importance of a balanced approach to debt management, particularly in light of Nigeria’s limited foreign exchange earnings

Naira Metrics

As part of its ongoing commitment to healthcare access and community welfare, the Suleiman Yahyah Foundation has successfully delivered free medical services to thousands of Nigerians in Maska, Funtua Local Government Area, Katsina State.

The medical outreach featured a comprehensive healthcare intervention including free consultations, diagnostic tests, essential medications, and hepatitis vaccinations, with a special focus on women and children.

Speaking at the event, Chairman of the Foundation, Alhaji Suleiman Yahyah, described the initiative as a fulfilment of his duty to support the less privileged, in accordance with Islamic injunctions.

“The Foundation was established 16 years ago to support the poor and vulnerable, and we remain committed to that mission,” Yahyah stated.
He added: “As a businessman, we give back through zakat and various philanthropic programs that uplift communities.”

The event witnessed the participation of medical professionals from Kaduna and Funtua, offering services to individuals suffering from a range of medical conditions.

The Maska intervention is the latest in a series of free medical outreaches previously carried out by the Foundation, including programmes in Sardauna Crescent, Kaduna North Local Government in 2021, Akko Community in Gombe State in 2022, and several other locations.
Commending the initiative, the District Head of Funtua and Monarch of Maska, Alhaji Mainasara Idris, noted: “This outreach reflects a deep commitment to humanitarian service. Alhaji Suleiman Yahyah is a God-fearing patriot whose compassion continues to transform lives in Maska and beyond. May Allah reward him richly.”

Lawal Hamisu Maska, Head of Primary Healthcare in Maska, described the outreach as one of the largest health interventions in recent memory.

“I have never seen such a turnout. The number of people treated, and the quality of care provided were outstanding. We are truly grateful,” he said.

Several beneficiaries also expressed their appreciation.

Audu Hamisu Maska, who received treatment for hypertension and ulcer, said: “All services were provided free of charge. I pray Allah blesses the founder abundantly.”

Aminu Ango, another beneficiary, added: “I received treatment for an eye problem and pelvic pain, all at no cost. May Allah grant him more strength and resources.”

Halimatu Alhaji Ado, who received treatment for an ovarian ailment, also remarked: “This support came at the right time. I didn’t pay anything and I’m already feeling better.”

The Minister of Education, Dr. Maruf Olatunji Alausa, has proposed extending the National Youth Service Corps (NYSC) scheme from one year to two years, arguing that such a move would better equip Nigerian youths and contribute significantly to national development.

Dr. Alausa made the proposal on Friday during a courtesy visit by the newly appointed Director-General of NYSC, Brigadier General Olakunle Akinyemi Nafiu, at his office in Abuja.

According to the minister, the extension would allow for the expansion and strengthening of the NYSC Skill Acquisition and Entrepreneurship Development (SAED) programme, enabling Corps Members to become self-reliant and job creators.

“You have done so well as an organization. Let NYSC give people more opportunities to become job creators who will meet the needs of the country,” Alausa stated, emphasizing the importance of aligning national service with Nigeria’s economic and developmental goals.

He also commended NYSC for adopting a digitalized mobilization process, which has helped curb certificate racketeering among some foreign-trained graduates, particularly within the West African sub-region.

Dr. Alausa further addressed the issue of OND part-time graduates who obtain full-time HND certificates but are excluded from national service, describing it as a lingering concern that requires attention.

In his remarks, Brigadier General Nafiu praised the minister’s leadership and innovations in the education sector.

He also called for the creation of a national database to track Nigerian youths studying abroad, to help address challenges related to foreign education credentials