Nigeria’s debts ballon to N152 trillion as Tinubu seeks for more loans

11.10.2025
Nigeria’s public debt profile has increased sharply to N152.40 trillion about $99b as of June 30, 2025.
According to data released Saturday by the Debt Management Office, the figures were up from N149.39 trillion at the end of March.
This is just as President Bola Tinubu is pressing the National Assembly for approval to shop for $2.8b Sukuk loans to block shortfalls in the 2025 budget and refinancing Eurobond debts.
Tinubu like former President Muhammadu Buhari has relied on domestic and external borrowing rather than embarked on reforms that will help curtail government spending and waste, and also double efforts to boost non-oil revenues, curb inflation, and stabilise the naira.
The DMO reports stated that the World Bank, which during the week raised an alarm over increasing poverty index in Nigeria amidst claims of economic rebound by the Tinubu government, is a major source of borrowing for Nigeria.
“The World Bank remained Nigeria’s single largest external creditor, with $18.04bn outstanding, mostly through the International Development Association. This represents about 38 per cent of total external obligations.
“Overall, multilateral lenders accounted for $23.19bn or 49.4 per cent of the external portfolio. Other multilateral partners include the African Development Bank, the International Monetary Fund, and the Islamic Development Bank.
“Bilateral loans contributed $6.20bn, led by the Export-Import Bank of China with $4.91bn, while smaller exposures were owed to France, Japan, India, and Germany.
“Commercial borrowings, mostly Eurobonds, stood at $17.32bn, accounting for 36.9 per cent of the external debt. Nigeria also owed $268.9 million under syndicated facilities and commercial bank loans.”
On the domestic front, total debt rose to N80.55tn in June, up from N78.76tn in March, an increase of N1.79tn or 2.27 per cent.
According to the DMO, “the Federal Government accounted for N141.08tn, or 92.6 per cent of the total public debt stock. This includes N64.49tn in external obligations and N76.59tn in domestic liabilities.
“Subnational governments, comprising the 36 states and the Federal Capital Territory, owed a combined N11.32tn representing 7.4 per cent of total public debt. Of this, $4.81bn (N7.36tn) was external, while N3.96tn was domestic.”