Abuja, Nigeria – Nigeria spent $5.21 billion on external debt service in 2025. This amount accounted for over 72% of the country’s total international payments, according to Central Bank of Nigeria data.
Okay News reports that external debt service payments rose from $4.66 billion in 2024 to $5.21 billion in 2025. This represents an increase of $551.86 million or 11.9% year-on-year.
The increase occurred despite a slight decline in Nigeria’s overall international payments. Total payments fell from $7.44 billion in 2024 to $7.22 billion in 2025, a drop of about $217.68 million or 2.9%.
However, the share of external payments devoted to debt servicing increased significantly. In 2025, 72.11% of Nigeria’s international payments went to external debt service. This compares with 62.58% in 2024.
Nearly three out of every four dollars Nigeria paid externally in 2025 went towards servicing foreign debt obligations. This highlights the growing weight of debt repayments on the country’s external financial commitments.
Monthly data reveals that Nigeria’s external debt payments were highly uneven throughout the year. The highest payment occurred in November 2025, when Nigeria paid $1.31 billion. Total international payments that month stood at $1.49 billion, meaning debt repayments accounted for almost the entire external outflow.
Another significant repayment period was March 2025, when the country spent $632.36 million on external debt servicing. Total international payments reached $786.86 million that month.
Some months recorded smaller repayments. Nigeria paid $143.39 million in June 2025, one of the lowest monthly figures. Other monthly repayments included $557.79 million in April, $542.70 million in September, $302.30 million in August, and $179.95 million in July.
In January 2026, Nigeria paid $256.81 million in external debt service. This represents a sharp year-on-year decline from $540.67 million in January 2025, a drop of about 52.5%.
However, on a month-on-month basis, external debt service increased from $205.73 million in December 2025 to $256.81 million in January 2026, a 24.8% rise.
External debt repayments continued to dominate Nigeria’s international payment structure in January 2026. Debt service accounted for about 63.4% of total international payments during the month.
