Nigeria total public debt hit N152.39 trillion as of June 2025, the highest ever on record in Naira terms.
This is according to latest data from the Debt Management Office who also state that public debt in dollar terms also rose to $99.68 billion just $400 million shy of hitting $100 billion.
This consistent upward trajectory in Nigeria’s debt stock reflects both fresh borrowings and the impact of a appreciating exchange rate especially on external debt obligations.
The federal and state governments owe a combination of domestic and foreign debts.
Nigeria owes countries like China, France, Germany, and Japan (bilateral debts) and multilateral institutions like the World Bank, Islamic Development Bank (IsDB), and the African Development Bank (AfDB).
In terms of local debts, Nigeria owes local bond creditors via sale of FGN Bonds, Treasury Bills, Sukuk Bonds, Green Bonds and Promissory Notes.
This is a breakdown of Nigeria’s debt creditors including domestic and external lenders.
Short-term and medium-term facilities arranged by a group of banks, often led by institutions such as the Africa Finance Corporation (AFC).
Utilization:
Used to provide bridge financing, refinance maturing obligations, or plug short-term fiscal gaps.
Share of total debt: 0.21%
Negotiated instruments issued to settle verified obligations owed to local contractors, exporters, or foreign partners.
Utilization:
Clearing arrears, state refunds, and outstanding payments to project partners.
Share of total debt: 0.7%
Loans from AfDB and its concessional arms — the African Development Fund (ADF) and Africa Growing Together Fund.
Loans from AfDB and its concessional arms — the African Development Fund (ADF) and Africa Growing Together Fund.
Utilization:
Supports infrastructure, industrialization, and regional trade projects.
Share of total debt: 3.8%
Loans from the Exim Bank of China and the China Development Bank, often under the Belt and Road Initiative.
Utilization:
Funds major infrastructure — railways, airports, power plants, and ICT corridors.
Share of total debt: 5.5%
Comprises credits from the International Development Association (IDA) and the International Bank for Reconstruction and Development (IBRD).
Utilization:
Targets development programmes in agriculture, education, fiscal reforms, power, and social investment.
Share of total debt: 19.4%
Dollar-denominated sovereign bonds issued by Nigeria in international capital markets.
Utilization:
Used to finance annual budget deficits, bolster foreign reserves, and refinance existing external debts.
Share of total debt: 17.4%
Nigeria’s core local debt instruments including FGN Bonds, Treasury Bills, Savings Bonds, Sukuk, Green Bonds, and Promissory Notes.
Utilization:
Finances the federal budget, capital projects, and liquidity management. These securities are held largely by local banks, pension funds, and institutional investors.
Share of total debt: 52.8%
President Bola Ahmed Tinubu has asked the House of Representatives to approve plans to raise $2.3 billion in external capital for the 2025 fiscal year.
This is made up of $1.2 billion in new borrowing and $1.1 billion to refinance a maturing Eurobond.
It also reported foreign reserves above $42 billion and a current-account surplus of 6.1% of GDP, reflecting stronger non-oil exports and lower oil imports.