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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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Tinubu Says Dangote Group Performs Excellently in Driving Economy

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The Vice President Kashim Shettima visits the Dangote pavilion at the ongoing 32nd Nigeria Economic Summit at Transcorp Hilton Abuja... Monday.

 

President Bola Ahmed Tinubu has commended the Dangote Group for its significant contribution to Nigeria’s economic growth, citing the conglomerate’s strategic investments in key sectors as instrumental in boosting domestic production, creating jobs, reducing dependence on imports, conserving foreign exchange and strengthening the country’s industrial capacity.

The President gave the commendation during a visit to the Dangote Group pavilion at the ongoing 32nd Nigeria Economic Summit at the Transcorp Hilton, Abuja, on Monday. He was represented at the event by Vice President Kashim Shettima.

Tinubu praised the Group’s performance across its business operations, highlighting the critical role of private-sector investments in expanding productive capacity, stimulating economic activities and supporting national development.

The Dangote Group has investments spanning cement manufacturing, fertiliser production, sugar refining, salt processing and petroleum refining.

These investments contribute to local value addition, employment generation and the development of domestic supply chains, while supporting efforts to reduce Nigeria’s dependence on imported products.

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He said his administration is creating conditions for public and private sectors to invest, expand and generate productive employment.

Dangote Group is the second biggest employer of labour after the federal government.

The 2026 Nigeria Economic Summit, themed “Growth That Works: Delivering Jobs, Productivity and Shared Prosperity,” was declared open by the President, who used the occasion to defend the Federal Government’s ongoing economic reforms and emphasise the importance of industrial harmony and private-sector-led growth.

The summit brings together policymakers, business leaders, investors and other stakeholders to discuss practical strategies for accelerating economic growth, improving productivity, generating employment and ensuring that the benefits of economic expansion reach more Nigerians.

The President’s commendation underscores the importance of sustained collaboration between government and the private sector in building a more productive, competitive and resilient Nigerian economy.

He said Nigeria has performed below its potentials for far too long, but “there is no shortcut for economic development.”

We came to rewrite the story of a nation that has performed below its potentials for far too long,” he said.

Through its investments in strategic industries, the Dangote Group remains a major private-sector participant in Nigeria’s industrialisation drive, with the potential to deepen local manufacturing, strengthen supply chains and support the country’s broader economic development objectives.

Through the Dangote Group’s diversified operations, the conglomerate has established a substantial presence across critical sectors of the economy, providing products and services that support construction, agriculture, manufacturing, energy and other productive activities.

One of its investments is the Dangote Petroleum Refinery and Petrochemicals complex in Lagos, which has the potential to transform Nigeria’s downstream petroleum industry by increasing domestic refining capacity and reducing the country’s reliance on imported refined petroleum products.

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Court Dismisses El-Rufai’s No-Case Submission in Ribadu Phone-Tapping Trial, Orders Defence

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By Yusuf Danjuma Yunusa

The Federal High Court in Abuja on Monday dismissed a no-case submission filed by former Gov. Nasir El-Rufai of Kaduna State in his ongoing trial over alleged unlawful interception of the telephone communications of the National Security Adviser, NSA, Nuhu Ribadu.

Justice Joyce Abdulmalik, in a ruling, held that the State Security Service, SSS, had placed before the court sufficient evidence to warrant the court to call on the ex-governor to enter his defence if he so desires.

The judge, therefore, ordered El-Rufai, the sole defendant in the charge, to enter his defence.

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The defendant had opted for a no-case submission after the SSS closed its case by calling two witnesses.

Mr El-Rufai, through his counsel, Akinyemi Aremu, had urged the court to hold that the prosecution had failed to establish a case requiring the former governor to enter a defence.

In response, the SSS lawyer, Oluwole Aladedoye, SAN, adopted their counter affidavit in opposition to the no-case submission.

Mr Aladedoye argued that the defence failed to address Exhibit “B”, which the prosecution said contained El-Rufai’s alleged admission concerning the tapping of Ribadu’s phone.

He submitted that since the prosecution had established a prima facie case against El-Rufai, the defendant was required by law to enter his defence.

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JIBWIS Calls For Arrest,Investigation Of Man In JIBWIS Uniform Over Viral Video Threatening Attack On Enugu On Sunday 

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The National Chairman of Jama’atu Izalatil Bid’ah Wa Iqamatis Sunnah (JIBWIS), Sheikh Abdullahi Bala Lau, has strongly condemned a viral video showing a man dressed in the uniform of the organisation’s First Aid Group, participating in a jogging exercise and chanting provocative statements calling for AK-47 rifles to be given to them to enable them to travel to Enugu on Sunday and carry out an attack.

Reacting to the disturbing development, Sheikh Bala Lau called on the Department of State Services (DSS), the Nigeria Police Force and other relevant security agencies to immediately investigate the incident, identify those responsible and ensure that anyone found culpable is brought to justice in accordance with the law.

The National Chairman categorically dissociated JIBWIS from the inflammatory statements, stressing that such expressions of violence, intimidation and threats against any community are completely alien to the principles, teachings and objectives upon which the organisation was established.

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He emphasised that wearing the uniform of the JIBWIS First Aid Group or appearing among its members does not automatically establish that an individual is acting on behalf of the organisation or with its authorisation.

Sheikh Bala Lau further expressed concern that the incident could represent a deliberate attempt by individuals or external interests to misrepresent the organisation and damage its longstanding reputation. He therefore urged security agencies to thoroughly investigate the circumstances surrounding the video, including the identity, affiliation and possible motives of those involved.

The Chairman recalled that JIBWIS recently organised an international conference in Abuja, bringing together Christian leaders, Muslim scholars from different Islamic schools of thought, prominent personalities and participants from different parts of the world, with the central objective of promoting interfaith dialogue, mutual understanding, religious tolerance and peaceful coexistence.

He questioned how an organisation that has consistently invested its resources, leadership and institutional efforts in building bridges across religious and ethnic divides could reasonably be associated with statements advocating violence against fellow Nigerians.

For approximately 48 years since its establishment, JIBWIS has remained committed to the propagation of authentic Islamic teachings, the promotion of the Sunnah of Prophet Muhammad (SAW), moral reformation, education, humanitarian services and the peaceful coexistence of people irrespective of their religious, ethnic or geographical backgrounds.

 

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