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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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Breaking:INEC Chairman Mahmud Yakubu Confirms Exit

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Professor Mahmud Yakubu

 

The Chairman of the Independent National Electoral Commission (INEC), Prof. Mahmood Yakubu, has confirmed that his tenure as the head of Nigeria’s electoral body will come to an end later this year.

 

Yakubu made the announcement while addressing his colleagues at the Extraordinary General Assembly of the ECOWAS Network of Electoral Commissions (ECONEC) in Banjul, The Gambia, on Thursday.

He stated that this would be his final appearance at an ECONEC meeting as Nigeria’s electoral body chairman, signalling the end of his second and final term.

Prof. Yakubu, who has served as INEC chairman since November 9, 2015, was appointed by former President Muhammadu Buhari for an initial five-year term, which was later renewed for another five years. He oversaw the controversial 2019 and 2023 general elections.

In his address at the event, Yakubu expressed his gratitude for the support and collaboration of his ECOWAS counterparts, emphasizing the importance of maintaining electoral integrity and fostering regional unity. He also called for continued cooperation among election management bodies (EMBs) in West Africa to strengthen democracy across the region.

Yakubu’s confirmation comes just days after rumours circulated online suggesting his removal from office by President Bola Tinubu. These rumours were quickly denied by the presidency.

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Constitutional Breach: NBA Moves Annual Conference from Rivers to Enugu

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The Nigerian Bar Association (NBA) has moved its 2025 Annual General Conference (AGC) from Port Harcourt in Rivers to Enugu.

The association premised its decision on “constitutional violations” in Rivers following the emergency rule in the oil-rich state.

The move comes weeks after President Bola Tinubu declared a state of emergency in Rivers, citing a protracted political crisis and the vandalisation of oil facilities.

The NBA has described Fubara’s suspension as illegal and a “dangerous affront” to the country’s democracy.

In a statement on Friday, the NBA said although members were enthusiastic about hosting the AGC in Port Harcourt, the political climate in Rivers state quickly changed that.

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3 Brigade wins inter-brigade combat proficiency competition in Kano

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The 3 Brigade, Kano, on Thursday emerged winner in the One Division Inter-Brigade Corporal and Below combat proficiency Competition 2025.

The four days competition was held at 3 Brigade, Bukavu Barracks, Kano, among three formations under one Division of the Nigerian Army.

The Chief Judge, Lt. Col. Mustaheen Edu, who announced the results after the four-day keen contest, said 3 Brigade scored 1,096 points to emerge overall winners of the competition.

He said that 1 Division Kaduna came second with 956.5 and 31 Artillery Brigade, Minna came third with 857 points each.

He said that the formations participated in various activities including drill, weapon handling, combat swimming, map reading, 10 km fitness test, obstacle crossing among others.

Participants who distinguished themselves in various events contested for were given award prizes in the male and female categories.

Winners in each event were presented with trophies, while 31 Artillery Brigade, Minna was given a wooden spoon having emerged third position.

Speaking during the closing ceremony, the General Officer Commanding (GOC) 1 Division, Maj.-Gen. Mayerinso Saraso, emphasised the importance of training in the Army.

Saraso noted that the annual competition was organized to test the endurance, improving junior leadership skills, and instilling discipline and initiative among Non-Commissioned Officers (NCOs) within a specified rank bracket in the Division.

He said that the exercise also seeks to enhance combat proficiency, marksmanship, and physical fitness through regular training.

“It is in line with the Chief of Army Staff’s (COAS) Command Philosophy, which is “To consolidate the transformation of the Nigerian Army towards bequeathing a well-motivated and combat-ready force that can effectively discharge its constitutional responsibilities within a joint and multi-agency environment.

“The competition featured three formations, all drawn from 1 Division. Each formation—3 Brigade, 1 Division Garrison, and 31 Artillery Brigade—nominated 55 participants to take part in the event.

“Judging by the enthusiasm and preparedness of the participants for the concluding event, it is evident that the objectives of the competition have been largely achieved, based on the outcomes recorded in the earlier events,” he said.

The special guest of honor, Air Cmdre Sani Zakari Rtd, urged the participants whose best was not good enough to accept their position in the spirit of sportsmanship and return to training with renewed determination, as the road to the future remains a continuous journey.

He said that the Nigerian Army, under the visionary leadership of the Chief of Army Staff, Lt.-Gen. Olufemi Oluyede, continued to forge ahead in its drive for professionalism and excellence.

Zakari urged the troops to sustain effective training, which remains the best form of welfare.

“This aligns with the popular quote by the late American General, Herbert Norman Schwarzkopf Jr., who said: “The more you sweat in peacetime, the less you bleed during war,” he added.

Zakari appreciated the GOC Maj.-Gen. Mayerinso Saraso, for organising the event, which has direct impact on junior leadership development.

He also commended the Commander of 3 Brigade, Brig.-Gen. Ahmed Tukur for providing such excellent training facilities.

“General, you have done well. Your organising team is a testament to your commendable leadership. I encourage you to sustain the momentum,” he said.

The Commander, 3 Brigade, Brig.-Gen. Ahmed Tukur said the competition was organised to foster team spirit and enhance the combat readiness of officers in preparation for future operations.

He said the objectives of the four-day competition were successfully achieved.

Tukur commended the participants for their performance and urged them to remain committed and productive in their assigned duties.

The commander also appreciated the team of umpires and heads of other security agencies who witnessed the exercise.

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