Nigeria’s external debt servicing rose sharply to $1.08 billion in the fourth quarter of 2024, marking a significant increase from the previous quarter, according to data released by the Debt Management Office (DMO).
The latest figures also show that Nigeria’s total debt service costs reached N3.57 trillion in Q3 2024—up by N60 billion or 1.71% from the N3.51 trillion recorded in Q2.
A breakdown of the external debt payments reveals that $600.71 million, or 55.7% of the total, was paid to multilateral lenders. Of this amount, the International Monetary Fund (IMF) received the largest share, with a payment of $407.97 million—the highest to any single creditor during the period.
These developments come amid growing concerns over Nigeria’s ballooning public debt, previously it was noted to have surged by 48.58%—rising to N144.67 trillion as of December 2024, up from N97.34 trillion at the end of 2023.
The increase in debt servicing obligations, especially to foreign creditors, continues to raise alarm over the country’s fiscal sustainability, particularly in light of persistent revenue shortfalls. [CONTINUE READING HERE]>>>>>>
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