Nigeria’s complete public debt rose to N149.39 trillion as of March 31, 2025, marking a year-on-year improve of N27.72 trillion or 22.8% when in comparison with the N121.67 trillion recorded within the corresponding interval of 2024.
That is in accordance with the newest information from the Debt Administration Workplace (DMO) for Q1 2025.
The information additionally signifies a quarter-on-quarter improve of N4.72 trillion or 3.3% from N144.67 trillion as of December 31, 2024.
This constant upward trajectory in Nigeria’s debt inventory displays each recent borrowings and the influence of a depreciating trade price on exterior debt obligations.
The federal and state governments owe a mixture of home and international money owed. Home debt is made up of FGN securities and treasury payments.
Nigeria owes international locations like China, France, Germany, and Japan (bilateral money owed) and multilateral establishments just like the World Bank, Islamic Growth Bank (IsDB), and the African Growth Bank (AfDB).
Exterior money owed
Newest information from the DMO exhibits Nigeria has a complete exterior debt of $45.9 billion or N70.63 trillion utilizing the prevailing trade price.
Nigeria’s exterior loans come from a various group of lenders and are categorized by the DMO. The primary are Multilateral lenders, which embody the IMF, World Bank, and AfDB.
- Nigeria owes the IMF $406 million as of March 2025, however has since paid down your entire mortgage following an announcement by the federal authorities again in Might. Nonetheless, Nigeria owes the World Bank $18.3 billion, up from $17.8 billion as of December 2025.
- AfDB, which is the African Growth Bank 6 credit score amenities due from Nigeria with a complete sum of about $3.5 billion. Nonetheless, the AFC organized syndicated loans have a steadiness of $133.6 million. In complete, multilateral lending is $22.5 billion.
- The subsequent group of collectors are bilateral, that are principally international international locations that reach loans to Nigeria. The largest amongst them is China, with a complete mortgage steadiness of $5.16 billion out of the overall exterior bilateral loans of $6 billion. Nigeria owed China about $5.3 billion again in December. France is second with simply $609 million in loans.
- The subsequent group of lenders is industrial, represented largely by Eurobonds. Nigeria’s Eurobond remained at $17.32 billion between December 2024 and March 2025.
- Eurobond, a dollar-denominated mutual, floated by the Federal Authorities, was first issued in Nigeria in 2011.
Abstract
- Multilateral Lenders – $22.5 billion
- Bilateral Lenders – $6.7 billion
- Industrial Lenders – $17.32 billion
Home debt hits N78.7 trillion
Newest information from the DMO exhibits Nigeria has a complete home debt of N78.76 trillion on the finish of March 2025.
Nigeria’s home portfolio is made up of assorted devices: FGN bonds, Nigerian Treasury Payments, FGN Sukuk, FGN Saving Bonds, FGN Inexperienced Bonds, and Promissory Notes.
A breakdown of the money owed is as follows:
- FGN Bonds represent 79.85% of the overall home debt, which quantities to N59.8 trillion. This consists of each FGN Naira and US Greenback Bonds.
- The second largest home collectors are holders of Nigerian Treasury Payments with a complete debt of N12.7 trillion. They represent 16.96% of the overall home debt.
That is adopted by Promissory Notes, in any other case referred to as P-Notes, with a complete sum of N1.301 trillion as of March 2025.
The P-Notes fell from N1.542 trillion in December 2024, reflecting the latest federal authorities’s efforts to settle Ministries, Departments, and Businesses (MDAs) contractors and suppliers.
FGN Sukuk bonds remained regular at N992.6 billion throughout the interval of December 2024 to March 2025, in accordance with DMO information. The bonds are normally used to fund infrastructure initiatives like roads and bridges within the nation.
FGN saving bonds come subsequent with a complete debt of N82.6 billion in March 2025.
Additionally, FGN Inexperienced Bonds represent the least, with a complete debt of N15 billion, and have remained this fashion since December 2022.
Abstract
- FGN Bonds N59.8 trillion
- Nigerian treasury Payments N12.7 trillion
- FGN Sukuk N992 billion
- FGN saving bond N82.6 billion
- FGN Inexperienced Bond N15 billion
- P-Notes N1.3 trillion
What it’s best to know
With Nigeria’s debt on a 22.8% year-on-year improve, analysts warning that broader sustainability stays a priority.
Additionally, some analysts have expressed issues over the fiscal regime of President Bola Tinubu’s administration, describing the rise in debt servicing from N8 trillion in 2024 to N16 trillion in 2025 as a ‘pink flag’.
To cut back dependency on borrowing, Nigeria might want to broaden non-oil revenues, rein in recurrent spending, and deepen structural reforms.
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