Recent data released by the Debt Management Office (DMO) revealed a significant increase in Nigeria’s public debt. This debt, both domestic and external, reached a total of ₦97.10 trillion, an increase of ₦9.43 trillion compared to the figures at the end of September 2023.
This improvement is largely explained by new domestic borrowing contracted by the federal government to cover the 2024 budget deficit, as well as funds from multilateral and bilateral lenders.
Interestingly, domestic debt, which reaches ₦59.12 trillion, represents 61% of the total public debt, while external debt, at ₦38.22 trillion, represents the remaining 39%.
The country’s external debt structure shows a clear predominance of loans from multilateral and bilateral sources, which is consistent with Nigeria’s debt management strategy. Indeed, multilateral loans represent 49.77% of external debt while bilateral loans represent 16.02%, for a total of 63.79%. These loans, mainly concessional and semi-concessional, contribute to maintaining a healthy financial balance for the country.
Public debt management remains a crucial issue for Nigeria, and it is essential to continue to closely monitor the evolution of these figures to ensure sustainable and optimal financial management. The images and statistics illustrating this data are valuable tools to raise awareness and inform citizens on this important issue.
To learn more about this topic and stay up to date with the latest economic and financial news, check out our previous articles on the blog.