ADVERTISEMENT
  • About Us
  • Advertise
  • Contact Us
  • Privacy Policy
Thursday, October 9, 2025
NewsOnline Nigeria
  • Headlines
  • Top Stories
  • Politics
  • Crime Watch
  • Entertainment
  • Sports
No Result
View All Result
  • Headlines
  • Top Stories
  • Politics
  • Crime Watch
  • Entertainment
  • Sports
No Result
View All Result
NewsOnline Nigeria
No Result
View All Result
  • Headlines
  • Top Stories
  • Politics
  • Crime Watch
  • Entertainment
  • Sports
ADVERTISEMENT
Home Economy And Business

BREAKING: Every Nigerian ‘Owes’ Over ₦700k As Nation’s Debt Profile Rises Under Tinubu

this surge stems from rising domestic borrowing and the naira’s depreciation, which sharply inflated the naira equivalent of external debts.

by NewsOnline Nigeria
January 22, 2025
in Economy And Business, Headline
0
FG

Every Nigerian ‘owes’ over ₦700k as the nation’s debt profile rises under President Tinubu.

 

NewsOnline Nigeria reports that Nigeria’s total public debt skyrocketed to ₦142.3 trillion by the end of September 2024, marking a 5.97% increase from the ₦134.3 trillion recorded in June, according to the latest figures from the Debt Management Office (DMO).

 

This Nigeria news platform understands that this surge stems from rising domestic borrowing and the naira’s depreciation, which sharply inflated the naira equivalent of external debts.

 

External debt, measured in dollar terms, rose slightly by 0.29%, from $43.03 billion in June to $43.15 billion in September.

ALSO: Globacom CEO Ahmad Farroukh Resigns After 1 Month In Office

 

However, the naira equivalent ballooned by 9.22%, jumping from ₦63.07 trillion to ₦68.89 trillion.

 

This was attributed to the exchange rate weakening from ₦1,470.19/$ to ₦1,601.03/$ within the same period.

A customer exchanges Nigerian 1000 Naira banknotes for US dollar banknotes with a street currency dealer at a market in Lagos, Nigeria, on Monday, Sept. 25, 2023.  [Getty Images]

Domestic debt presented a mixed picture: while declining by 5.34% in dollar terms (from $48.45 billion to $45.87 billion), it rose by 3.10% in naira terms, increasing from ₦71.22 trillion to ₦73.43 trillion.

 

“The Federal Government remains the primary driver of domestic debt, rising from N66.96 trillion in June to N69.22 trillion in September,” the DMO noted.

 

Debt owed by states and the Federal Capital Territory (FCT) decreased marginally, from ₦4.27 trillion to ₦4.21 trillion.

 

With the naira’s depreciation exerting significant pressure, financial experts warn that Nigeria’s rising debt stock underscores the urgent need for fiscal reforms to stabilise the economy.

ADVERTISEMENT
Previous Post

Globacom CEO Ahmad Farroukh Resigns After 1 Month In Office

Next Post

BREAKING: Beatrice Ekweremadu Freed From UK Prison, Deported Back To Nigeria

Next Post
Beatrice Ekweremadu

BREAKING: Beatrice Ekweremadu Freed From UK Prison, Deported Back To Nigeria

Trending Stories

No Content Available

Latest Stories

WhatsApp

WhatsApp Tests Username Feature to Replace Phone Numbers in Major Privacy Update

Former INEC Chairman Mahmoud Yakubu

Court Orders Arrest of Former INEC Chairman Mahmoud Yakubu

Gold Prices

Gold Prices Hit Record $3,800 as Global Central Banks Accelerate Buying Spree

CBN

CBN Imposes Tougher Sanctions on PoS Operators, Sets ₦5 Million Minimum Fine for Non-Compliance

Premium Times

Premium Times Reveals How It Uncovered Ex-Minister Uche Nnaji’s Certificate Scandal

Israel, Hamas

BREAKING: Israel, Hamas Agree To Trump’s Gaza Peace Plan in Landmark Deal

Nigeria Police

BREAKING: Nigeria Police Suspend Enforcement Of Tinted Glass Permit

OPay

OPay Faces Mounting Scandals as Fraud Cases, Legal Disputes Erode Public Trust

Moniepoint

Moniepoint Records $1.2 Million Loss in First Year of UK Operations Amid Expansion Drive

Adunni Ade Wins ₦20 Million Court Case Amid Alleged Romance Rumours With Dino Melaye

ADVERTISEMENT

NEWSONLINE NIGERIA

Get the Latest Naija News, Breaking News, Top Stories, World News, Business, Politics & Entertainment from NewsOnline Nigeria.

RELEVANT PAGES

  • About Us
  • Advertise
  • Contact Us
  • Privacy Policy

ALERT US

Important Press Releases, Special Investigations: [email protected]

OFFICE ADDRESS

13 Poland Street, London, United Kingdom (UK)

Copyright © 2025 NewsOnline Nigeria

No Result
View All Result
  • Headlines
  • Top Stories
  • Politics
  • Crime Watch
  • Entertainment
  • Sports

Copyright © 2023 Newsonline Nigeria