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Nigeria’s Debt Hits Over 144 Trillion Naira-DMO

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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.

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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

Financial experts have called for more prudent debt management practices, emphasizing the need to boost revenue generation through economic diversification and enhanced tax collection.

They warn that while borrowing can be necessary for development, it must be matched with strategic plans to ensure sustainability and avoid overburdening future budgets.

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Just In:Governor Yusuf  Sacks Head of Service 

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Governor of Kano State, Alhaji Abba Kabir Yusuf, has relieved the State Head of Service, Alhaji Abdullahi Musa, of his appointment with immediate effect.

This was contained in a statement issued by the governor’s spokesperson, Sunusi Bature Dawakin Tofa, on Tuesday evening.

The decision is part of the ongoing efforts by the present administration to reposition the state civil service for greater efficiency, discipline, and improved service delivery across all government institutions.

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Governor Yusuf expressed appreciation to the outgoing Head of Service for his contributions and dedication to the service of Kano State during his tenure.

“We wish him the best in his future endeavours and pray for his continued success in all aspects of life.”

The Governor also directed that Hajiya Bilkisu Shehu Maimota, the Permanent Secretary, Admin and General Services at the Cabinet Office, to serve in acting capacity pending the appointment of a substantive Head of Service.

By this announcement, the outgoing Head of Service is directed to handover the affairs of the office to the Ag. Head of Service latest tomorrow, Wednesday 11th March, 2026

 

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Table Water Producers Increase New Price for Sachet Water in Kano

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The Kano State Chapter of the Association of Table Water Producers (ATWAP) has officially announced an upward review of the price of sachet water (popularly known as “pure water”) across the state.

This decision is a direct response to the unsustainable surge in the cost of production materials.

In a statement representing the association, it was disclosed that the price of a bag of sachet water, which was previously sold at N220, has now been adjusted to a minimum of 300 Naira.

This adjustment is necessary to prevent the collapse of the industry, as the cost of essential production materials has increased by two-thirds.

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The association highlighted several critical economic challenges, including:

– Printing Film: The price has risen to 3,700 Naira.
– Gas/Fuel: Prices have reached 1,500 Naira per liter.
– Power Supply: The lack of stable electricity has forced factories to rely entirely on expensive generator power.

Despite these financial pressures, the Chairman, Alhaji Ahmad Bala Hudu, has issued a stern warning to all producers against compromising water quality.

The association emphasizes that:
– Reverse Osmosis (RO) systems and water purification standards must be strictly maintained.
– The association is working in collaboration with health authorities to inspect factories.
– Any producer found bypassing health standards will be handed over to the appropriate law enforcement agencies.

The association appeals to the public for understanding and patience during this period, particularly as we are in the holy month of Ramadan.

In a statement issued to newsmen, Anas Idris Hassan, the Public Relations Officer of the association, said the price review is a last-resort measure to ensure that safe drinking water remains available in the state.

 

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Governor Dauda Lawal Defects to APC After Stakeholder Consultations

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The Zamfara State Government has announced that Governor Dauda Lawal has formally defected from the Peoples Democratic Party (PDP) to the All Progressives Congress (APC), following what officials described as “extensive consultations with stakeholders, political leaders, elders, and supporters across the state.” This was contained in a statement signed by Nuhu Salihu Anka, Director General, Media and Communication, Office of the Governor.

According to the statement, Governor Lawal’s decision was driven by the overriding interest of stability, progress, and sustainable development in Zamfara State. “After careful consideration, His Excellency has decided to formally defect to the APC,” Anka said, noting that the move followed prolonged internal crises within the PDP at both national and state levels.

The government explained that unresolved leadership disagreements and structural challenges in the PDP had created uncertainty and distractions that threatened effective governance. “These challenges have continued to hinder the delivery of democratic dividends to the people of Zamfara State,” the statement emphasized.

Governor Lawal reiterated that his primary responsibility remains the peace, security, and development of Zamfara State. “It became necessary to align with a political platform that provides greater unity, stability, and stronger cooperation with the Federal Government,” Anka quoted the governor as saying.

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The statement further revealed that the final deliberation leading to the defection was held at the Government House in Gusau, under the coordination of the Deputy Governor, alongside senior government officials and key political stakeholders. “This was a collective decision reached after wide consultations,” Anka explained.

Governor Lawal expressed appreciation to PDP members and supporters for their cooperation over the years. However, he noted that the prevailing political realities and unresolved crises within the party made it necessary to take what he described as “a bold step in the interest of good governance and the future of Zamfara State.”

By joining the APC, the governor reaffirmed his commitment to strengthening unity, improving security, accelerating development, and ensuring that Zamfara State benefits fully from stronger collaboration with the Federal Government. “This is a new political phase aimed at promoting unity, stability, and development,” Anka stated.

The government therefore called on citizens, political leaders, party supporters, and stakeholders to remain calm and supportive. “We urge everyone to embrace this transition peacefully as Zamfara enters a new chapter of political cooperation and progress,”

 

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