Nigeria’s total public debt has climbed to ₦152.40 trillion as of June 30, 2025, according to new figures from the Debt Management Office (DMO). The data reveals an increase of ₦3.01 trillion from ₦149.39 trillion recorded in March 2025 — representing a 2.01% rise within three months.
In dollar terms, the country’s debt expanded from $97.24 billion to $99.66 billion, reflecting a 2.49% increase. The DMO report underscores the Tinubu administration’s growing reliance on domestic and external borrowings to fund fiscal deficits, despite earlier pledges to improve revenue collection and foreign exchange management.
A breakdown shows that external debt grew to $46.98 billion (₦71.85 trillion) in June from $45.98 billion (₦70.63 trillion) in March. This rise was driven mainly by fresh loans from multilateral institutions such as the World Bank, which remains Nigeria’s largest external creditor with $18.04 billion, representing 38% of total foreign debt.
Multilateral lenders collectively accounted for $23.19 billion (49.4%) of the external portfolio, including debts owed to the African Development Bank, International Monetary Fund, and Islamic Development Bank.
Bilateral loans stood at $6.20 billion, dominated by the Export-Import Bank of China with $4.91 billion, while smaller exposures were owed to France, Japan, India, and Germany.
Commercial borrowings, primarily Eurobonds, totalled $17.32 billion (36.9%), with an additional $268.9 million owed under syndicated loans and commercial bank facilities. Analysts warn that Nigeria’s heavy exposure to Eurobonds increases its susceptibility to global market fluctuations, while the continued dependence on concessional loans reflects fiscal weakness and limited access to cheaper credit.
On the domestic front, total debt rose to ₦80.55 trillion in June from ₦78.76 trillion in March — a ₂.27% increase (₦1.79 trillion). Federal Government bonds dominated, accounting for ₦60.65 trillion (79.2%), including ₦36.52 trillion in naira bonds, ₦22.72 trillion in securitised Ways and Means advances from the Central Bank of Nigeria, and ₦1.40 trillion in dollar bonds.
Other domestic components included Treasury bills (₦12.76 trillion), Sukuk bonds (₦1.29 trillion), savings bonds (₦91.53 billion), green bonds (₦62.36 billion), and promissory notes (₦1.73 trillion). The securitisation of CBN overdrafts into long-term instruments further highlights the government’s fiscal strain as it works to stabilise monetary policy and restore investor confidence.
According to the DMO, the Federal Government was responsible for ₦141.08 trillion (92.6%) of the total debt — comprising ₦64.49 trillion in external and ₦76.59 trillion in domestic liabilities. States and the Federal Capital Territory accounted for the remaining ₦11.32 trillion (7.4%), of which $4.81 billion (₦7.36 trillion) was external and ₦3.96 trillion domestic.
The sharp debt increase comes amid the government’s ongoing efforts to diversify revenue sources, reduce inflation, and stabilise the naira. Although the DMO maintains that Nigeria’s debt remains within manageable limits, economic observers continue to raise concerns about the rising cost of borrowing and the impact of exchange rate adjustments on debt servicing.
