The Debt Management Office (DMO) in its recently released data revealed that Nigeria’s external debt service obligations increased to $1.08 billion in Q4 2024, representing a significant rise from the previous quarter.
Earlier, data from DMO showed that Nigeria’s total debt service costs climbed to N3.57 trillion in the third quarter of 2024, up by N60 billion, or 1.71 percent, from N3.51 trillion in Q2.
Further details indicated that Nigeria paid a total of $600.71 million to multilateral lenders, representing 55.7 percent of total debt service in the period.
Also, the International Monetary Fund, IMF, led this group, receiving $407.97 million, the highest payment to any creditor.
The development comes as DAILY POST earlier reported that Nigeria’s public debt increased by 48.58 percent to N144.67 trillion as of December 2024 from N97.34 trillion recorded at the end of 2023.
The rise in Nigeria’s external debt obligations has further heightened concerns about the country’s debt burden amid a paucity of revenue.
