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NIGERIA'S EXTERNAL DEBT
Nigeria’s total public debt rose to N144.67 trillion ($94.23 billion) as of December 31, 2024, reflecting a significant increase of 48.58% compared to N97.34 trillion ($108.23 billion) recorded at the end of December 2023.
Nigeria’s debt-to-GDP ratio rose to 55% as of June 2024, marking a significant increase from 42.4% in December 2023.
Nigeria lacks accountability, transparency, and responsibility to refund its loans, according to Dr Bongo Adi, the Director of Centre for Infrastructure Policy Regulation and Advancement (CIPRA) at the Lagos Business School.
DMO has revealed that the World Bank's portfolio in Nigeria now stands at $8.52bn.