Nigeria’s External Debt Service Soars to $1.08 Billion in Q4 2024

Nigeria paid over $1 billion in external debt service in the last quarter of 2024 — $1.08 billion, to be exact — based on fresh data from the Debt Management Office (DMO), as picked up by Nairametrics. That’s a big leap from what was recorded earlier and adds more heat to the country’s growing debt worries.

Just in Q3, debt servicing already hit ₦3.57 trillion. That was a ₦60 billion bump from Q2’s ₦3.51 trillion. And now, Q4 has pushed things even further.

Multilateral lenders got most of the external payments — over $600 million, which works out to nearly 56%. Out of that, the IMF alone took $407.97 million, making it the top recipient by far.

These rising figures are starting to raise red flags. With limited revenue coming in and debt repayments climbing, more people — analysts especially — are questioning how sustainable this trend really is.