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Debt rose by ₦3.01 trillion in just three months, now at ₦152.4 trillion.
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External loans stand at $46.98 billion, dominated by World Bank and China’s Exim Bank.
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Federal Government responsible for over 92% of total obligations.
Nigeria’s total public debt has surged to ₦152.40 trillion as of June 30, 2025, according to new figures released by the Debt Management Office (DMO).
The figure represents an increase of ₦3.01 trillion, or 2.01%, compared to the ₦149.39 trillion recorded at the end of March. In dollar terms, the country’s debt rose from $97.24 billion to $99.66 billion, reflecting a 2.49% increase.
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External Debt: Nigeria’s Heavy Reliance on Multilateral Loans
The DMO report shows that Nigeria’s external debt portfolio stood at $46.98 billion (₦71.85 trillion) by June, compared to $45.98 billion (₦70.63 trillion) in March.
Multilateral lenders remain Nigeria’s largest creditors, accounting for nearly half of total foreign loans. The World Bank, through the International Development Association (IDA), leads with $18.04 billion, while other major lenders include the Export-Import Bank of China ($4.91 billion), France, Japan, India, and Germany.
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Commercial borrowings — mainly Eurobonds — amount to $17.32 billion, representing 36.9% of Nigeria’s external portfolio.
The DMO warned that Nigeria’s growing dependence on Eurobonds exposes the country to global market volatility, while the dominance of concessional multilateral loans underscores continued fiscal dependence on foreign institutions.
On the domestic front, Nigeria’s debt reached ₦80.55 trillion by June, rising from ₦78.76 trillion in March.
Long-term Federal Government bonds dominate the portfolio with ₦60.65 trillion, accounting for 79.2% of total domestic borrowings. This includes ₦36.52 trillion in naira-denominated bonds, ₦22.72 trillion in securitised Ways and Means advances, and ₦1.40 trillion in dollar bonds.
Other instruments include ₦12.76 trillion in treasury bills, ₦1.29 trillion in Sukuk bonds, ₦91.53 billion in savings bonds, ₦62.36 billion in green bonds, and ₦1.73 trillion in promissory notes.
The DMO noted that the growing volume of securitised Ways and Means advances indicates persistent fiscal strain, as the government increasingly turns to debt markets to fund budget deficits.
Out of the ₦152.40 trillion, the Federal Government is responsible for ₦141.08 trillion, representing 92.6% of Nigeria’s total debt.
For the first time, the DMO provided a detailed breakdown for states and the Federal Capital Territory (FCT), revealing combined external debts of $4.81 billion (₦7.36 trillion) and domestic obligations of ₦3.96 trillion, bringing subnational debt to ₦11.32 trillion (7.4%).
Currency Depreciation Worsens Debt Load
The DMO explained that external loans were converted using the Central Bank of Nigeria’s official exchange rate of ₦1,529.21 per dollar as of June 30, 2025.
This weaker exchange rate inflated the naira value of foreign debts, meaning that even without new borrowing, Nigeria’s debt stock continues to rise as the naira depreciates.
