Nigeria’s total debt stock has risen to N142.3 trillion as of September 30, 2024, to N134.3 trillion in June 2024.

The debt is made up of external and domestic borrowings and indicates the significant effect of exchange rate devaluation on external borrowings in naira terms.

According to data from the Debt Management Office (DMO), Nigeria's external obligations increased slightly by 0.29% from $42.90 billion in June to $43.03 billion in September last year.

The country's domestic debt however dropped by 5.34% in dollar rates from $48.45 billion in June to $45.87 billion in September last year.

During the review period, domestic debt rose by 3.10% in naira terms, from N71.22 trillion to N73.43 trillion.

Federal Government's external debt stood at $38.12 billion in September, up from $38.01 trillion in June, while the debt of states and Abuja was $4.91 billion, an increase of $4.89 billion.