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Nigeria’s Public Debt Soars to N144.67tn, Marking a 48.58% Rise

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1 year ago

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Nigeria’s total public debt rose to N144.67 trillion ($94.23 billion) as of December 31, 2024, reflecting a 48.58% increase compared to the N97.34 trillion ($108.23 billion) recorded at the end of December 2023.....KINDLY READ THE FULL STORY HERE▶

This was disclosed by the Debt Management Office in its latest public debt profile report.

The report also revealed a quarterly rise of 1.65% from N142.32 trillion ($88.89 billion) at the end of September 2024, illustrating a continuous increase in the nation’s debt burden.

An analysis of the debt on a year-on-year basis showed an increase of N47.32 trillion, or 48.58%, from December 2023 to December 2024.

The primary driver of the surge in public debt was the significant increase in both external and domestic borrowings.

External debt rose by 83.89%, from N38.22 trillion ($42.50 billion) in December 2023 to N70.29 trillion ($45.78 billion) in December 2024. The increase was driven by new external borrowings and the impact of naira depreciation, which raised the naira equivalent of dollar-denominated debt.

Domestic debt also rose by 25.77%, from N59.12 trillion ($65.73 billion) at the end of December 2023 to N74.38 trillion ($48.44 billion) in December 2024.

The Federal Government’s domestic debt grew significantly by 32.19%, from N53.26 trillion to N70.41 trillion, indicating a continued reliance on local borrowing to finance deficits and infrastructure projects.

However, the domestic debt owed by states and the Federal Capital Territory (FCT) decreased by 32.27%, from N5.86 trillion to N3.97 trillion, suggesting a more cautious approach to debt accumulation by some subnational governments.

On a quarter-on-quarter basis, Nigeria’s public debt increased by N2.35 trillion, or 1.65%, from N142.32 trillion as of September 30, 2024.

This rise was driven by both external and domestic debt components. External debt rose by N1.4 trillion, from N68.89 trillion ($43.03 billion) in September 2024 to N70.29 trillion ($45.78 billion) in December. This increase was influenced by new foreign loans and the depreciation of the naira.

Domestic debt also saw a slight rise of 1.29%, from N73.43 trillion ($45.87 billion) in September 2024 to N74.38 trillion ($48.44 billion) by December’s end.

As of December 2024, external debt accounted for 48.59% of Nigeria’s total public debt, while domestic debt made up 51.41%, indicating a relatively balanced debt structure. However, the growing reliance on external borrowings points to a shift toward foreign debt to cover budgetary gaps.

The rise in public debt has raised concerns among economic analysts about the country’s fiscal stability. The sharp increase in external debt, in particular, exposes Nigeria to vulnerabilities from exchange rate fluctuations and changes in global economic conditions. With the continued depreciation of the naira, the cost of servicing foreign debt is expected to rise, further straining the country’s financial resources.

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“THE REBELLION IS ON: Man City Declares Total War On Premier League Chiefs Over Landmark Decision!”

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9 hours ago

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October 2, 2026

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The Appeal: Manchester City has officially filed a comprehensive appeal challenging the findings of the Premier League Commission following its recent disciplinary decision.....KINDLY READ THE FULL STORY HERE▶

  • Filing Timeline and Claims: The club confirmed submitting the appeal at 7:00 PM on Thursday, October 1, 2026, describing the commission’s opinion as unsafe and containing clear material errors of law, principle, and fact while maintaining its complete innocence.

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  • The Verdict Details: The independent commission previously found City guilty of financial breaches between the 2009-10 and 2017-18 seasons—including arranging sham contracts to disguise over 830 million pounds in secret funding—as well as failing to fully cooperate with the investigation.

    WEBP+ 2

  • Club and Leadership Response: City expressed surprise and disappointment at the verdict, insisting that comprehensive evidence supports their defense, though public comments remain limited due to ongoing proceedings. Chairman Khaldoon Al Mubarak and CEO Ferran Soriano expressed confidence in proving the club’s innocence.

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  • Pep Guardiola’s Support: Former manager Pep Guardiola reaffirmed his unwavering backing for the club, ownership, staff, and supporters in a social media statement, declaring that they will get through the challenge together.

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3. “Donald Duke is Better Than All Of Them”: Baba-Ahmed Explains Why PRP Is Shaking Up The 2027 Race!

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2 days ago

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October 1, 2026

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The National Chairman of the People’s Redemption Party (PRP), Dr. Hakeem Baba-Ahmed, has asserted that the party is exceptionally fortunate to feature former Cross River State Governor, Donald Duke, as its presidential candidate for the upcoming 2027 general elections.....KINDLY READ THE FULL STORY HERE▶

A Strong Endorsement for Donald Duke

  • Surpassing Competitors: Speaking during an interview, Baba-Ahmed confidently stated that, candidate for candidate, Donald Duke outperforms all other presidential contenders currently in the political space.

  • Integrity and Capability: He described Duke as part of a visionary leadership blueprint aimed at thinking critically, restoring national dignity, exhibiting true integrity, and offering young Nigerians a leadership style they can genuinely look up to.

The Strategic Push for an Opposition Coalition

Despite possessing what he considers the superior candidate, Baba-Ahmed explained why the party is actively championing a broader political alliance:

  • Consensus Over Ego: The PRP chairman emphasized that the party’s push for a mega-coalition is driven by consensus and constitutional processes rather than forcing Duke’s candidacy through on profile strength alone.

  • Defeating Fault Lines: Framing the 2027 election as a critical turning point for the nation, Baba-Ahmed noted that the stakes go far beyond individual party ambitions. The coalition aims to unite likeminded opposition forces to rescue Nigeria from its current trajectory and bridge its deep fault lines.

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Clearing The Air: Norway Manager Slams Rumors Of Man City Media Blackout Over Haaland!

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2 days ago

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September 30, 2026

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Norway national team manager Ståle Solbakken has firmly denied allegations that Manchester City pressured him to shield star striker Erling Haaland from questions concerning the club’s financial breach case during international duty.....KINDLY READ THE FULL STORY HERE▶

Media reports had previously claimed that club officials intervened behind the scenes to restrict Haaland’s media exposure. However, speaking to TribalFootball, Solbakken rejected these accusations entirely, emphasizing that Manchester City had no influence over his handling of media duties. He noted that the last time he ever discussed media matters with the club was during Haaland’s transition from Borussia Dortmund to Manchester City.

Key Highlights from Solbakken’s Statement

  • Solbakken labeled the rumors a “lie,” stating that such claims compromise his personal integrity and his commitment to honesty with the national team.

  • The manager clarified that the choice to exempt Haaland from specific media obligations was entirely his own decision, made without informing or consulting either Haaland or Manchester City.

  • Expressing frustration over persistent club-level controversies overshadowing international windows, Solbakken urged journalists to focus on Haaland’s athletic performance on the pitch rather than fabricated cover-up stories.

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