Nigeria’s total public debt is projected to rise to N144.67 trillion by December 2024, according to the latest report from the Debt Management Office (DMO).
This represents an increase of N47.32 trillion, marking a 48.58% surge compared to the figure recorded at the end of December 2023.
The report, released on Friday, highlighted a significant rise in borrowing from both domestic and foreign sources.
The DMO attributed the debt growth to increased financing needs for infrastructure projects, budgetary support, and other government obligations.
The new debt figures underscore ongoing concerns about Nigeria’s fiscal sustainability and the need for prudent debt management strategies moving forward.
