Nigeria’s total public debt climbed by 48.58 percent, reaching N144.67 trillion by December 2024, up from N97.34 trillion at the close of 2023, according to the latest report from the Debt Management Office (DMO). A deeper analysis of the data shows that the nation’s debt rose by N47.32 trillion year-on-year. On a quarter-on-quarter basis, the debt also grew by 1.65 percent from N142.32 trillion reported at the end of September 2024—indicating a persistent upward trend. This steady increase has been largely driven by both external and domestic borrowing. External debt surged by 83.89 percent to N70.29 trillion in December 2024, compared to N38.22 trillion recorded in the same period in 2023. Likewise, domestic debt increased by 25.77 percent, rising to N74.38 trillion from N59.12 trillion over the same timeframe. A further breakdown reveals that the federal government held N62.92 trillion ($40.98 billion) of the external debt, while state governments and the Federal Capital Territory (FCT) accounted for N7.37 trillion ($4.80 billion). On the domestic side, the federal government was responsible for N70.41 trillion ($45.86 billion), with states and the FCT owing N3.97 trillion ($2.58 billion). The growing debt burden has sparked concern among financial analysts. Dr. Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise, criticized the government for allowing debt to escalate despite the country’s significant infrastructure challenges.