Nigeria’s Public Debt Rises to ₦152.4 Trillion in Q2 2025 — DMO Blames Fiscal Deficits, Fresh Borrowing

Nigeria’s total public debt stock has climbed to ₦152.40 trillion as of June 30, 2025, according to the latest figures released by the Debt Management Office (DMO) on Saturday.

The new figure represents a ₦3.01 trillion increase — or 2.01% growth — from the ₦149.39 trillion recorded in March 2025. In dollar terms, Nigeria’s debt rose from $97.24 billion to $99.66 billion, reflecting a 2.49% uptick over the three-month period.

The DMO explained that the increase was largely driven by new borrowing at both domestic and external levels to bridge fiscal gaps, despite ongoing revenue and foreign exchange reforms.

A closer look at the data shows that external debt rose from $45.98 billion in March to $46.98 billion (₦71.85 trillion) by June. The World Bank remains Nigeria’s largest external creditor, accounting for $18.04 billion (38%) of total foreign obligations, mainly through the International Development Association (IDA).

Multilateral lenders, including the African Development Bank (AfDB), IMF, and Islamic Development Bank, collectively hold $23.19 billion (49.4%), while bilateral loans total $6.20 billion, led by China’s Exim Bank ($4.91 billion), followed by France, Japan, India, and Germany.

Commercial loans, dominated by Eurobonds, stand at $17.32 billion (36.9%), with an additional $268.9 million sourced from syndicated facilities and commercial banks. Economic analysts have cautioned that Nigeria’s heavy reliance on Eurobonds heightens its exposure to global market fluctuations.

On the domestic front, total debt increased from ₦78.76 trillion in March to ₦80.55 trillion in June, up by ₦1.79 trillion (2.27%). Federal Government bonds made up the bulk of this amount at ₦60.65 trillion (79.2%), comprising ₦36.52 trillion in naira bonds, ₦22.72 trillion in securitised Ways and Means from the CBN, and ₦1.40 trillion in dollar bonds.

Other instruments included Treasury bills (₦12.76tn), Sukuk bonds (₦1.29tn), savings bonds (₦91.53bn), green bonds (₦62.36bn), and promissory notes (₦1.73tn).