Nigeria’s Total Public Debt Rises By 11.6% to N152.40 trn

Nigeria’s Total Public Debt Rises By 11.6% to N152.40 trn

Nigeria’s total public debt rose significantly by 11.6 per cent year-on-year to N152.40 trillion as of June 30, 2025, according to the latest data from the Debt Management Office (DMO) released on Saturday.

This marks an increase of N15.89 trillion compared to the N136.51 trillion recorded in June 2024, highlighting the continued expansion of Nigeria’s debt burden amid fiscal pressures.

In dollar terms, public debt grew from approximately $89.15 billion last year to $99.66 billion by June 2025, reflecting a 11.7 per cent year-on-year rise.

The DMO breakdown shows the federal government’s debt accounts for N141.08 trillion or 92.6 percent of the total, consisting of N64.49 trillion in external borrowings and N76.59 trillion in domestic liabilities.

Nigeria’s external debt increased to $46.98 billion (N71.85 trillion) in June 2025, up from $42.10 billion (N66.56 trillion) a year earlier.

Multilateral creditors, including the World Bank, African Development Bank, IMF, and Islamic Development Bank, hold nearly half of the external debt, with the World Bank alone holding $18.04 billion, about 38 percent of total external obligations.

Domestically, Nigeria’s debt increased by 11.2 percent year-on-year to N80.55 trillion in June 2025 from N72.41 trillion in June 2024. Federal government bonds represented the bulk of local debt at N60.65 trillion, largely comprising FGN bonds, securitised Ways and Means advances from the Central Bank of Nigeria (CBN), and dollar-denominated bonds.

Other domestic debt instruments include Treasury bills (N12.76 trillion), Sukuk bonds (N1.29 trillion), savings bonds, green bonds, and promissory notes. The securitisation of the CBN’s Ways and Means advances reflects ongoing fiscal challenges even as the government aims to restore monetary discipline and investor confidence.

The year-on-year growth underscores the government’s heavy reliance on both domestic and foreign borrowing to manage fiscal deficits amid economic reforms and external shocks.

Analysts caution that the rising debt stock heightens fiscal vulnerabilities, especially given Nigeria’s dependence on international capital markets and concessional financing sources.

Federal government bonds dominated the local debt component at N60.65 trillion, representing 79.2 per cent of total domestic liabilities.

This figure includes N36.52 trillion in FGN bonds, N22.72 trillion from the securitised Ways and Means advances obtained from the Central Bank of Nigeria, and N1.40 trillion in dollar-denominated bonds. #Heirs Insurance Group Announces Inaugural Travel Festival