Nigeria’s Public Debt Hits ₦142.3 Trillion Amid Naira Depreciation

Nigeria’s total public debt rose to ₦142.3 trillion as of September 30, 2024, reflecting a 5.97 percent increase from ₦134.3 trillion in June, according to data from the Debt Management Office (DMO).

Naija News understands that the surge in public debt, driven by both external and domestic obligations, underscores the significant impact of exchange rate depreciation on the country’s debt profile, particularly external borrowings.

In dollar terms, external debt saw a marginal increase of 0.29 percent, from $42.90bn in June to $43.03bn in September.

However, in naira terms, external debt jumped by 9.22 percent, rising from ₦63.07tn to ₦68.89tn during the same period.

This sharp increase was attributed to the weakening of the naira, which depreciated from ₦1,470.19/$ in June to ₦1,601.03/$ by the end of September.

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