Nairametrics reported that Nigeria’s external debt obligations increased significantly to US$1.08 billion in the fourth quarter of 2024.
This marked increase compared to the previous quarter, highlighting the growing pressure on the country’s debt profile.
An earlier report from the DMO shows that Nigeria’s total debt service costs reached 3.5.7 trillion in the third quarter of 2024, a 60 billion increase, down 1.71% from the USD 3.51 trillion recorded in the second quarter.
A breakdown of foreign debt payments shows that $600.71 million (55.7% of the total) has been paid to multilateral lenders. The International Monetary Fund (IMF) ranked first, receiving $407.9 million, the highest payment to any creditor during the period.
The sharp rise in foreign debt obligations has continued to raise concerns among analysts and stakeholders about the country’s rising debt burden, especially with limited income.
