ABUJA, Nigeria (VOICE OF NAIJA)-Nigeria’s total public debt has climbed to N152.40 trillion as of June 30, 2025, according to the latest figures released by the Debt Management Office (DMO) on Saturday.
This marks an increase of N3.01 trillion from N149.39 trillion recorded at the end of March 2025 a 2.01 per cent rise within three months.
In dollar terms, the debt grew from $97.24 billion to $99.66 billion, reflecting a 2.49 per cent increase.
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The new figures highlight the Federal Government’s increasing dependence on both domestic and external borrowing to finance budget deficits, even as ongoing revenue reforms and foreign exchange liberalisation continue to shape the economic landscape.
A breakdown of the report shows that “Nigeria’s external debt climbed to $46.98bn (N71.85tn) in June, up from $45.98bn (N70.63tn) in March.”
According to the DMO, “The World Bank remained Nigeria’s single largest external creditor, with $18.04bn outstanding, mostly through the International Development Association, representing about 38 per cent of total external obligations.”
It added, “Overall, multilateral lenders accounted for $23.19bn or 49.4 per cent of the external portfolio. Other partners include the African Development Bank, the International Monetary Fund, and the Islamic Development Bank.”
“Bilateral loans contributed $6.20bn, led by the Export-Import Bank of China with $4.91bn, while smaller exposures were owed to France, Japan, India, and Germany.”
Commercial borrowings, mainly Eurobonds, stood at $17.32bn, representing 36.9 per cent of total external debt, while $268.9 million was owed under syndicated and commercial bank facilities.
Analysts warn that Nigeria’s large Eurobond exposure increases its sensitivity to global market volatility, while reliance on multilateral loans signals persistent fiscal strain and limited access to affordable credit.
Domestically, total debt rose to N80.55 trillion in June, up from N78.76 trillion in March an increase of N1.79 trillion or 2.27 per cent.
Federal Government bonds dominated the portfolio at N60.65 trillion (79.2%), including N36.52 trillion in naira-denominated bonds, N22.72 trillion in securitised Ways and Means advances from the Central Bank of Nigeria, and N1.40 trillion in dollar bonds.
Other components included Treasury bills worth N12.76 trillion (16.7 per cent), Sukuk bonds of N1.29 trillion, savings bonds of N91.53 billion, green bonds of N62.36 billion, and promissory notes totalling N1.73 trillion.
The conversion of CBN’s overdrafts into long-term debt underscores the fiscal pressures confronting the Tinubu administration, even as it pushes for stricter monetary discipline and investor confidence.
According to the DMO, “the Federal Government accounted for N141.08tn, or 92.6 per cent of the total public debt stock. This includes N64.49tn in external obligations and N76.59tn in domestic liabilities.”
It added that “Subnational governments, comprising the 36 states and the Federal Capital Territory, owed a combined N11.32tn representing 7.4 per cent of total public debt. Of this, $4.81bn (N7.36tn) was external, while N3.96tn was domestic.”
The rise in Nigeria’s debt burden comes as the Federal Government intensifies efforts to grow non-oil revenue, fight inflation, and stabilise the naira.
While the DMO maintains that the debt level remains sustainable, experts continue to express concern over the cost of servicing and exchange rate risks.