Wednesday, April 9, 2025 - Nigeria’s external debt service obligations rose significantly to $1.08 billion in the fourth quarter of 2024, according to data released by the Debt Management Office (DMO), Nairametrics reports.
This marks a notable increase from the previous quarter,
highlighting the growing pressure on the country’s debt profile.
Earlier reports from the DMO indicated that Nigeria’s total
debt servicing costs reached ₦3.57 trillion in Q3 2024, up by ₦60 billion or
1.71% from ₦3.51 trillion recorded in Q2.
Breakdown of the external debt payments showed that $600.71
million—representing 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 increase in external debt obligations continues to
raise concerns among analysts and stakeholders about the country’s rising debt
burden, especially amid limited revenue generation.
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