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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:Ramadan Cresecent Sighted In Saudi Arabia

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— The Supreme Court announced on Tuesday evening that the crescent moon marking the beginning of Ramadan has been sighted in Saudi Arabia, confirming that the holy month will begin on Wednesday.

The announcement followed reports from authorized moon sighting committees across the Kingdom, in accordance with Islamic tradition.

With the confirmation, Muslims across Saudi Arabia will begin fasting at dawn on Wednesday, observing the ninth month of the Islamic lunar calendar with prayers, reflection and charitable acts.

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Ramadan is a period of spiritual devotion marked by daily fasting from dawn to sunset, increased worship, and community gatherings.

Mosques across the Kingdom are preparing to receive worshippers for Taraweeh prayers, while authorities have finalized arrangements to ensure smooth services during the holy month.

Government entities and private institutions are also set to implement adjusted working hours in line with Ramadan schedules.

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BREAKING: Drama in Reps as Lawmakers Reverse on Electronic Results, Opposition Walks Out

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By Yusuf Danjuma Yunusa

The House of Representatives on Tuesday rescinded its earlier decision on Clause 60(3) of the Electoral Act amendment bill, adopting instead the version earlier passed by the Senate, which allows both electronic and manual transmission of election results.

The decision followed an emergency sitting and sparked protest from opposition lawmakers, who staged a walkout from the chamber while chanting, “APC, ole! APC, ole!” in open dissent.

The House had initially approved a stricter provision mandating compulsory electronic transmission of results from each polling unit to the Independent National Electoral Commission’s (INEC) Result Viewing (IREV) portal.

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The earlier version stipulated that: “The Presiding Officer shall electronically transmit the results from each polling unit to the IREV portal and such transmission shall be done after the prescribed Form EC8A has been signed and stamped by the Presiding Officer and/or countersigned by the candidates or polling agents where available at the polling unit.”

However, at Tuesday’s sitting, lawmakers reconsidered the clause and aligned with the Senate’s version, which introduces a caveat in the event of technical failure.

Under the adopted provision, while electronic transmission remains mandatory, it provides that where such transmission fails due to communication challenges, making it impossible to upload results electronically, the manually completed Form EC8A—duly signed and stamped by the Presiding Officer and countersigned by candidates or polling agents where available—shall remain the primary basis for collation and declaration of results.

The reversal has heightened political tension within the chamber, with opposition members expressing concern that the amendment could weaken safeguards around electronic transmission of election results.

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Health Ministry Enforces Federal Directive, Retires Directors with Eight Years’ Service

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By Yusuf Danjuma Yunusa

The Federal Ministry of Health has ordered an immediate disengagement of Directors who have spent at least eight years in the directorate cadre with immediate effect.

The directors affected include those in the ministry, federal hospitals, agencies, among others, according to a memo sighted by our correspondent in Abuja on Tuesday morning.

The Federal Government had, on Monday, directed all Ministries, Departments, and Agencies to enforce the eight-year tenure limit for directors and permanent secretaries, following a new deadline set through the Office of the Head of Civil Service of the Federation.

The memo announcing the enforcement of the order at the FMOH signed by the Director overseeing the Office of the Permanent Secretary at the Federal Ministry of Health, Tetshoma Dafeta, reads, “Further to the Eight (8)-Year Tenure Policy of the Federal Public Service, which mandates the compulsory retirement of Directors after eight years in that rank, as provided in the Revised Public Service Rules 2021(PSR 020909) copy attached, I am directed to remind you to take necessary action to ensure that all affected officers who have spent eight years as Directors, effective 31st December, 2025, are disengaged from Service immediately.

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“Accordingly, all Heads of Agencies and Parastatals are by this circular, to ensure that the affected staff hand over all official documents/possessions with immediate effect, their salaries are stopped by the IPPIS Unit and mandate the officers to refund to the treasury all emoluments paid after their effective date of disengagement.

“This is reiterated in a circular recently issued by the Office of the Head of the Civil Service of the Federation, Ref. No. HSCF/3065/Vol.I/225, dated 10″ February 2026. A copy is herewith attached for guidance, please.

“In addition, you are to forward the nominal roll of all directorate officers
(CONMESS 07/CONHESS 15/CONRAISS 15)

“Failure to adhere to paragraph 2 above shall be met with stiff sanctions.”

Recall that in July 2023, the former Head of Civil Service of the Federation, Folasade Yemi-Esan, announced the commencement of the revised Public Service Rules.

Speaking at a lecture at the State House, Abuja, to mark the 2023 Civil Service Week, Yemi-Esan stated that the revised PSR took effect from July 27, 2023.

The Head of Service issued a circular addressed to Permanent Secretaries, the Accountant-General of the Federation, the Auditor-General for the Federation, and heads of extra-ministerial departments, informing them of the revised rules.

“Following the approval of the revised Public Service Rules (PSR) by the Federal Executive Council (FEC) on September 27, 2021, and its subsequent unveiling during the public service lecture in commemoration of the 2023 Civil Service Week, the PSR has become operational with effect from July 27, 2023,” the circular read.

According to Section 020909 of the revised PSR, the tenure limit for permanent secretaries is four years, with a possible renewal based only on satisfactory performance.

The rules also stipulate that a director (GL 17) or their equivalent shall compulsorily retire after eight years in that position.

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