Nigeria’s external debt service obligations reached $1.08 billion in the fourth quarter of 2024, marking a notable increase from the previous quarter. This information was revealed by the Debt Management Office (DMO) in its latest report.
According to earlier data from the DMO, Nigeria’s total debt service costs rose to N3.57 trillion in the third quarter of 2024, an increase of N60 billion, or 1.71 percent, compared to N3.51 trillion in the second quarter.
Further details show that Nigeria paid $600.71 million to multilateral lenders during this period, which accounted for 55.7 percent of the total debt service. The International Monetary Fund (IMF) was the largest recipient, receiving $407.97 million, the highest payment made to any creditor.
This development follows a previous report ndicating that Nigeria’s public debt surged by 48.58 percent, reaching N144.67 trillion as of December 2024.
The increase in Nigeria’s external debt obligations has intensified worries about the country’s debt burden, especially given the lack of revenue.
