Nigeria’s debt-to-GDP ratio has crossed 50% for the first time, reaching 52.9% as of December 2023 and 51.2% based on the trailing four-quarter GDP figure.
Nigeria’s public debt portfolio stands at N121 trillion, comprising domestic debt of N65.6 trillion and foreign debt of N56 trillion ($42.1 billion).
With a debt-to-GDP ratio above 50%, Nigeria has limited room to expand its borrowing capacity, amidst economic challenges and a high debt service-to-revenue ratio.
Nigeria’s debt profile has risen steadily over the past eight years, with public debt increasing from N12.6 trillion in 2015 to N97.3 trillion in 2023, and a further rise of N24.3 trillion between December 2023 and March 2024.
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