April 8, 2025/CSL Research

Nigeria’s total public debt rose by 48.6% year-on-year (y/y) to N144.5 trillion in 2024, according to data from the Debt Management Office (DMO). However, on a quarterly basis, the increase was more modest, rising by 1.6%. A breakdown of the public debt reveals that external debt now represents approximately 48.6% of the total, up from 39.3% in 2023.

Meanwhile, the share of domestic debt has decreased to 51.4% in 2024, down from 60.7% in the previous year. The sharp annual increase in the debt stock can be attributed to currency depreciation and aggressive borrowing by the authorities to meet financing needs.

Click here to download full report: ​​​​​​​​​​​​​​​​CSL Nigeria Daily – 07 April 2025 – Debt.pdf​