Nigeria's External Debt Service Reaches $1.08 Billion in Q4 2024, Raising Concerns

Nigeria's External Debt Service Reaches $1.08 Billion in Q4 2024, Raising Concerns

Nigeria's external debt service surged to $1.08 billion in the fourth quarter of 2024, marking a sharp increase compared to previous quarters, according to data from the Debt Management Office (DMO). This rise highlights the country's growing debt servicing burden amid ongoing fiscal challenges.

The data also reveals that Nigeria's total debt servicing costs amounted to N3.57 trillion in Q3 2024, up by N60 billion, or 1.71%, from the N3.51 trillion recorded in the previous quarter. Notably, the external debt payments saw $600.71 million, or 55.7%, directed to multilateral lenders. The International Monetary Fund (IMF) received the largest share, with $407.97 million, marking the highest payment to any single creditor in the period.