By Esohe Aifuwa
Nigeria’s Public Debt Soars to N152.4 Trillion In 2025
Nigeria’s public debt has climbed to N152.4 trillion as of June 30, 2025, reflecting the government’s growing need to borrow to address budget shortfalls, according to the Debt Management Office (DMO).
The figure marks a N3.01 trillion increase from N149.39 trillion in March, a 2.01 percent rise in just three months, with the debt in dollar terms rising from $97.24 billion to $99.66 billion.
The increase highlights Nigeria’s reliance on both foreign and local loans as the government pushes economic reforms to boost non-oil revenue and stabilize the naira.
External debt reached $46.98 billion (N71.85 trillion), up from $45.98 billion, with the World Bank as the largest creditor, holding $18.04 billion, or 38 percent of external obligations, mainly through its International Development Association.
Multilateral lenders, including the African Development Bank and the International Monetary Fund, accounted for nearly half of external debt at $23.19 billion. Bilateral loans totaled $6.2 billion, with China’s Export-Import Bank leading at $4.91 billion. Commercial loans, primarily Eurobonds, stood at $17.32 billion, making Nigeria sensitive to global market fluctuations.
Domestically, debt rose to N80.55 trillion, up N1.79 trillion from March. Federal Government bonds dominated at N60.65 trillion, including N36.52 trillion in naira bonds and N22.72 trillion in securitised loans from the Central Bank of Nigeria’s Ways and Means advances. Treasury bills and other instruments like Sukuk and green bonds made up the rest.
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The Federal Government holds N141.08 trillion, or 92.6 percent of the total debt, while states and the Federal Capital Territory owe N11.32 trillion, split between $4.81 billion in external loans and N3.96 trillion domestically.
Despite the DMO’s assurance that the debt remains manageable, concerns linger over rising borrowing costs and the impact of exchange rate shifts, even as the Tinubu administration works to strengthen fiscal discipline and attract investors.
