As of June 30, 2025, Nigeria’s total public debt has surged to N152.40 trillion, according to the most recent figures released by the Debt Management Office (DMO) on Saturday.
This marks an increase of N3.01 trillion from the N149.39 trillion recorded at the close of March 2025, reflecting a 2.01% growth over the quarter. When measured in US dollars, the debt rose from $97.24 billion to $99.66 billion, a 2.49% uptick.
The DMO’s report reveals that the Federal Government is responsible for N141.08 trillion, which constitutes 92.6% of the overall public debt. This total comprises N64.49 trillion in foreign loans and N76.59 trillion in domestic borrowings.
This data underscores the government’s ongoing reliance on both internal and external financing to cover budget deficits, even as reforms targeting revenue generation and foreign exchange management continue.
Breaking down the external debt, Nigeria owed $46.98 billion (equivalent to N71.85 trillion) by June 2025, up from $45.98 billion (N70.63 trillion) in March.
The World Bank remains Nigeria’s largest external lender, with $18.04 billion owed primarily through the International Development Association (IDA), making up roughly 38% of the country’s external debt.
Multilateral institutions collectively hold $23.19 billion, or 49.4%, of Nigeria’s external obligations. Other significant multilateral creditors include the African Development Bank (AfDB), International Monetary Fund (IMF), and Islamic Development Bank (IsDB).
Bilateral loans stand at approximately $6.20 billion, with the Export-Import Bank of China as the leading creditor at $4.91 billion, followed by smaller loans from France, Japan, India, and Germany.
Commercial debt, predominantly Eurobonds, accounts for $17.32 billion, representing 36.9% of the external debt portfolio. Additionally, syndicated loans and commercial bank borrowings total $268.9 million.
Experts caution that Nigeria’s heavy dependence on Eurobonds exposes it to fluctuations in global financial markets, while the continued reliance on concessional multilateral loans highlights persistent fiscal challenges and limited access to affordable credit.
On the domestic front, Nigeria’s local debt climbed to N80.55 trillion in June, up from N78.76 trillion in March, an increase of N1.79 trillion or 2.27%.
Federal Government bonds dominate the domestic debt structure at N60.65 trillion, accounting for 79.2% of local liabilities. This includes N36.52 trillion in FGN bonds, N22.72 trillion from securitized Ways and Means advances from the Central Bank of Nigeria, and N1.40 trillion in dollar-denominated bonds.
Other domestic debt instruments include Treasury bills valued at N12.76 trillion (16.7%), Sukuk bonds totaling N1.29 trillion, savings bonds at N91.53 billion, green bonds worth N62.36 billion, and promissory notes amounting to N1.73 trillion.
The conversion of the Central Bank of Nigeria’s Ways and Means advances into long-term debt through securitization reflects the fiscal pressures facing the Tinubu administration. This move aims to promote monetary discipline and bolster investor confidence amid ongoing economic reforms.
