Nigeria’s total public debt has climbed to N152.4 trillion as of June 30, 2025, according to data released by the Debt Management Office (DMO). The figure represents a N3.01 trillion increase from the N149.39 trillion recorded at the end of March 2025 — a rise of 2.01 per cent in just three months.
In dollar terms, the debt profile rose from $97.24 billion to $99.66 billion, indicating a 2.49 per cent increase. The report underscores the Federal Government’s continued reliance on borrowing to close fiscal gaps amid sluggish revenue growth and ongoing economic reforms.
The DMO data show that external debt stood at $46.98 billion (N71.85 trillion) in June, up from $45.98 billion (N70.63 trillion) in March. The World Bank remains Nigeria’s single largest external creditor, with $18.04 billion in outstanding loans, largely through the International Development Association. This accounts for about 38 per cent of the nation’s total external obligations.
Multilateral institutions collectively hold $23.19 billion, or 49.4 per cent of the external portfolio. Other major lenders include the African Development Bank, International Monetary Fund, and Islamic Development Bank. Bilateral loans amount to $6.20 billion, led by the Export-Import Bank of China with $4.91 billion, while smaller exposures exist with France, Japan, India, and Germany.
Commercial borrowings, mainly Eurobonds, total $17.32 billion, representing 36.9 per cent of external debt. Nigeria also owes $268.9 million under syndicated and commercial bank facilities, highlighting the growing cost of market-based financing.
On the domestic front, total debt reached N80.55 trillion in June, rising from N78.76 trillion in March — an increase of N1.79 trillion or 2.27 per cent. Federal Government bonds dominate the domestic portfolio at N60.65 trillion, accounting for 79.2 per cent of total local obligations.
This includes N36.52 trillion in naira-denominated bonds, N22.72 trillion from securitised Ways and Means advances by the Central Bank of Nigeria, and N1.40 trillion in dollar bonds. Other instruments include Treasury bills (N12.76 trillion), Sukuk bonds (N1.29 trillion), savings bonds (N91.53 billion), green bonds (N62.36 billion), and promissory notes (N1.73 trillion).
The DMO said the Federal Government accounts for N141.08 trillion, or 92.6 per cent, of the total debt stock, while states and the Federal Capital Territory owe a combined N11.32 trillion, representing 7.4 per cent.
Despite maintaining that Nigeria’s debt remains within sustainable thresholds, analysts warn that rising obligations, coupled with interest rate adjustments and exchange rate volatility, could deepen fiscal strain if revenue reforms fail to deliver stronger growth.
