Nigeria’s Public Debt Hits N152.4 Trillion, Rises by N3 Trillion in Three Months — DMO

Nigeria’s total public debt stock has climbed to N152.40 trillion as of June 30, 2025, according to fresh data released by the Debt Management Office (DMO) on Saturday.

The figure reflects a N3.01 trillion increase from N149.39 trillion recorded in March 2025, representing a 2.01 per cent rise within three months. In dollar terms, the nation’s debt grew from $97.24 billion to $99.66 billion, indicating a 2.49 per cent increase.

The latest figures highlight the Federal Government’s growing dependence on domestic and external borrowings to cover budget shortfalls, even as revenue reforms and foreign exchange liberalisation continue to influence Nigeria’s economic landscape.

A breakdown of the data shows that external debt rose to $46.98 billion (N71.85 trillion) in June, up from $45.98 billion (N70.63 trillion) in March.
The World Bank remains Nigeria’s largest external creditor, with $18.04 billion outstanding—mainly through the International Development Association (IDA)—representing about 38 per cent of total external obligations.

Overall, multilateral lenders accounted for $23.19 billion or 49.4 per cent of Nigeria’s external debt, including loans from the African Development Bank, IMF, and the Islamic Development Bank.
Bilateral loans stood at $6.20 billion, led by the Export-Import Bank of China with $4.91 billion, alongside smaller exposures to France, Japan, India, and Germany.
Meanwhile, commercial borrowings, mainly Eurobonds, totalled $17.32 billion, or 36.9 per cent of external debt, while syndicated loans and commercial bank facilities accounted for $268.9 million.

Experts warn that the country’s heavy reliance on Eurobonds increases its exposure to global market volatility, while its dependence on concessional loans underscores persistent fiscal fragility and limited access to cheaper credit.

On the domestic front, total debt rose to N80.55 trillion in June, up from N78.76 trillion in March, marking an increase of N1.79 trillion (2.27 per cent).
This portfolio is largely dominated by Federal Government bonds, which amounted to N60.65 trillion, representing 79.2 per cent of total domestic debt. These include N36.52 trillion in naira bonds, N22.72 trillion in securitised Ways and Means advances from the Central Bank, and N1.40 trillion in dollar bonds.

Other domestic debt instruments comprised Treasury bills worth N12.76 trillion, Sukuk bonds valued at N1.29 trillion, savings bonds of N91.53 billion, green bonds worth N62.36 billion, and promissory notes totalling N1.73 trillion.

The securitisation of the CBN’s Ways and Means lending, which converted short-term overdrafts into long-term debt, reflects the fiscal strains facing the Tinubu administration despite ongoing efforts to restore investor confidence and enforce monetary discipline.

According to the DMO, the Federal Government is responsible for N141.08 trillion (92.6 per cent) of the total debt, comprising N64.49 trillion in external and N76.59 trillion in domestic liabilities.
In contrast, state governments and the Federal Capital Territory collectively owe N11.32 trillion (7.4 per cent)—including $4.81 billion (N7.36 trillion) in external and N3.96 trillion in domestic debts.

Nigeria’s growing debt burden comes amid the government’s drive to boost non-oil revenue, curb inflation, and stabilise the naira through economic reforms.
While the DMO maintains that the country’s debt remains within sustainable limits, concerns persist over the rising cost of servicing loans and the impact of exchange rate fluctuations on public finances.