The total national debt of Nigeria as of September 30, 2024, is N142.3 trillion.
By comparison, this amounts to N8.02 trillion, a 5.97% rise from N134.3 trillion in June 2024.
When converted to naira amounts, the increase is a result of both the impact of depreciating currency rates and increased domestic borrowing.
Based on figures supplied by the Debt Management Office (DMO), Nigeria’s external debt increased slightly from $43.03 billion in September to 0.29% in dollar terms. The external debt in naira, however, increased dramatically by 9.22% over that time, from N63.07 trillion to N68.89 trillion. Since the naira fell from N1,470.19/$ in June to N1,601.03/$ at the end of September, the depreciation of the currency relative to the US dollar was a major factor in this increase.
Between June and September, domestic debt decreased by 5.34% in terms of dollars, from $48.45 billion to $45.87 billion.
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From N71.22 trillion to N73.43 trillion, however, the domestic debt grew by 3.10% in naira. By September, the total amount of domestic debt had increased from N66.96 trillion in June to N69.22 trillion, with the Federal Government bearing the majority of the burden.
Conversely, the Federal Capital Territory’s (FCT) and states’ internal debt decreased marginally from N4.27 trillion to N4.21 trillion.
