NIGERIA’S total public debt stock has climbed to ₦152.40 trillion as of June 30, 2025.
This is according to new data released by the Debt Management Office (DMO) on Friday.
The figure represents an increase of ₦3.01 trillion or 2.01 per cent from ₦149.39 trillion recorded at the end of March 2025. In dollar terms, the total debt rose from $97.24 billion to $99.66 billion, reflecting a 2.49 per cent increase within three months.
The latest figures underscore the Federal Government’s growing dependence on both domestic and external borrowing to finance fiscal shortfalls, even as ongoing revenue reforms and foreign exchange liberalisation continue to reshape Nigeria’s economic outlook.
DMO data show that Nigeria’s external debt rose to $46.98 billion (₦71.85 trillion) in June, up from $45.98 billion (₦70.63 trillion) in March.
The World Bank remained Nigeria’s single largest external creditor, with an outstanding $18.04 billion, mostly through the International Development Association (IDA) — representing about 38 per cent of the country’s total external obligations.
In total, multilateral lenders accounted for $23.19 billion, or 49.4 per cent of Nigeria’s external debt portfolio. Other key lenders include the African Development Bank, International Monetary Fund (IMF), and the Islamic Development Bank.
Bilateral loans made up $6.20 billion, led by the Export-Import Bank of China with $4.91 billion, while smaller exposures were owed to France, Japan, India, and Germany.
Commercial borrowings, mostly Eurobonds, stood at $17.32 billion, representing 36.9 per cent of external debt. Nigeria also owed $268.9 million under syndicated facilities and commercial bank loans.
Analysts warn that the country’s heavy exposure to Eurobonds increases its vulnerability to global market shocks, while its reliance on concessional multilateral loans reflects ongoing fiscal fragility and limited access to cheaper credit.
On the domestic front, total debt rose from ₦78.76 trillion in March to ₦80.55 trillion in June — a ₦1.79 trillion (2.27 per cent) increase.
The portfolio was dominated by Federal Government Bonds, which stood at ₦60.65 trillion, accounting for 79.2 per cent of total domestic debt. This figure includes ₦36.52 trillion in naira-denominated bonds, ₦22.72 trillion in securitised Ways and Means advances from the Central Bank of Nigeria (CBN), and ₦1.40 trillion in dollar bonds.
Other components included Treasury Bills valued at ₦12.76 trillion, Sukuk Bonds worth ₦1.29 trillion, Savings Bondstotalling ₦91.53 billion, Green Bonds amounting to ₦62.36 billion, and Promissory Notes of ₦1.73 trillion.
The securitisation of CBN’s Ways and Means lending — which converts short-term overdrafts into long-term debt — highlights the fiscal strain confronting the Tinubu administration as it works to restore monetary discipline and investor confidence.
According to the DMO, the Federal Government accounted for ₦141.08 trillion or 92.6 per cent of the total debt stock, comprising ₦64.49 trillion in external debt and ₦76.59 trillion in domestic obligations.
The 36 states and the Federal Capital Territory (FCT) owed a combined ₦11.32 trillion, representing 7.4 per cent of the total. Of this, $4.81 billion (₦7.36 trillion) was external, while ₦3.96 trillion was domestic.
Nigeria’s mounting debt profile comes amid ongoing efforts to boost non-oil revenues, rein in inflation, and stabilise the naira under its economic reform agenda. While the DMO maintains that the debt remains within sustainable limits, experts continue to raise concerns over rising borrowing costs and the impact of exchange rate volatility.
Nurudeen Akewushola is an investigative reporter and fact-checker with The ICIR. He believes courageous in-depth investigative reporting is the key to social justice, accountability and good governance in society. You can reach him via nyahaya@icirnigeria.org and @NurudeenAkewus1 on Twitter.