Nigeria’s total public debt reached its highest on record as Africa’s most populous nation continues to rely on borrowings to meet its fiscal obligations.
The country’s debt profile soared to N144.6 trillion as of the end of 2024 compared to N97.3 trillion recorded in the previous year, data from the Debt Management Office (DMO) released on Friday show.
However, in dollar terms, Nigeria’s debt shrank, declining from $108.2 billion in 2023 to $94.2 billion last year, signalling a lesser foreign exchange volatility.