Nigeria’s external debt service obligations surged to $1.08 billion in Q4 2024, according to data from the Debt Management Office (DMO), as reported by Nairametrics.
This marks a significant rise compared to the previous quarter, underscoring the growing strain on the nation’s debt profile.
Earlier reports from the DMO showed that Nigeria’s total debt servicing costs reached ₦3.57 trillion in Q3 2024, reflecting an increase of ₦60 billion (1.71%) from ₦3.51 trillion in Q2.
A breakdown of external debt payments revealed that $600.71 million—accounting for 55.7% of the total—was paid to multilateral lenders. The International Monetary Fund (IMF) topped the list, receiving $407.97 million, the highest payment to any creditor during the period.
The sharp rise in external debt obligations continues to raise concerns among analysts and stakeholders about Nigeria’s increasing debt burden, particularly in the face of limited revenue generation.
