Nigeria’s total public debt stock has climbed to N152.40 trillion as of June 30, 2025, according to new data released by the Debt Management Office (DMO) on Saturday.
This figure represents a N3.01 trillion increase from the N149.39 trillion recorded at the end of March 2025, marking a 2.01 percent rise in just three months. In dollar terms, the debt increased from $97.24 billion to $99.66 billion, reflecting a 2.49 percent growth.
The DMO report underscores Nigeria’s deepening reliance on both domestic and external borrowing to finance budget deficits amid ongoing revenue and exchange rate reforms.
Breakdown of External Debt
Nigeria’s external debt rose to $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 an outstanding loan portfolio of $18.04 billion, accounting for about 38 percent of total external debt — mostly through the International Development Association (IDA).
Other multilateral lenders collectively hold $23.19 billion, or 49.4 percent, including the African Development Bank (AfDB), International Monetary Fund (IMF), and Islamic Development Bank (IsDB).
Bilateral loans stood at $6.20 billion, led by the Export-Import Bank of China (Exim Bank) with $4.91 billion, while smaller exposures were owed to France, Japan, India, and Germany.
Commercial borrowings, largely in the form of Eurobonds, amounted to $17.32 billion, making up 36.9 percent of external obligations. Nigeria also owed $268.9 million under syndicated and commercial bank loans.
Domestic Debt Overview
On the domestic front, total debt increased to N80.55 trillion in June, up from N78.76 trillion in March — an addition of N1.79 trillion or 2.27 percent.
The portfolio is dominated by Federal Government bonds, valued at N60.65 trillion (79.2%), comprising N36.52 trillion in naira bonds, N22.72 trillion in securitized Ways and Means advances, and N1.40 trillion in dollar bonds.
Other components include:
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Treasury bills: N12.76 trillion (16.7%)
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Sukuk bonds: N1.29 trillion
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Savings bonds: N91.53 billion
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Green bonds: N62.36 billion
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Promissory notes: N1.73 trillion
The securitization of Ways and Means loans from the Central Bank of Nigeria (CBN) — essentially converting overdrafts into long-term debt — underscores the fiscal pressures facing the Tinubu administration as it works to restore investor confidence.
Debt Distribution
According to the DMO, the Federal Government is responsible for N141.08 trillion (92.6%) of the total public debt, comprising N64.49 trillion in external and N76.59 trillion in domestic liabilities.
Meanwhile, the 36 states and the Federal Capital Territory (FCT) collectively owe N11.32 trillion (7.4%), made up of $4.81 billion (N7.36 trillion) in external debt and N3.96 trillion in domestic debt.
Concerns Over Sustainability
While the DMO maintains that Nigeria’s debt remains within sustainable limits, analysts warn that the country’s heavy exposure to Eurobonds leaves it vulnerable to global market shocks. Additionally, reliance on multilateral and concessional loans reflects persistent fiscal fragility and limited access to cheaper credit.
The rising debt burden continues to fuel public concern amid efforts by the Federal Government to boost non-oil revenues, tame inflation, and stabilize the naira under its ongoing economic reform agenda.
