Nigeria’s debt payment rose to a four-year high of $4.65 billion at the end of 2024, reflecting the federal government’s continued reliance on borrowing.
Data from the Central Bank of Nigeria (CBN) showed that Africa’s most populous nation spent $4.65 billion servicing its debt in 2024, representing a 32.9 percent year-on-year increase compared to $3.5 billion spent in 2023.
The last time the government spent more money in debt servicing within the past five years was in 2020 when repayment stood at $5.8 billion.