Nigeria’s foreign debt service rises to $1.08 Billion in Q4 2024 – DMO

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.