Nigeria’s public debt hits N149.39 trillion under Tinubu
Nigeria’s total public debt stock has surged to ₦149.39 trillion as of March 31, 2025, representing a sharp year-on-year increase of ₦27.72 trillion or 22.8%, according to new data released by the Debt Management Office (DMO).
This figure is up from ₦121.67 trillion recorded in the corresponding period in 2024.
Quarter-on-quarter, the nation’s debt profile rose by ₦4.72 trillion or 3.3% from the ₦144.67 trillion reported at the end of December 2024, underscoring a continued upward trend in borrowing and fiscal exposure.
The rise in debt is attributed to a combination of fresh borrowings and the negative effects of naira depreciation on Nigeria’s external debt portfolio.
External debt surges to ₦70.63 trillion, driven by currency depreciation
As of the end of Q1 2025, Nigeria’s external debt stood at ₦70.63 trillion ($45.98 billion), marking a year-on-year jump of ₦14.61 trillion or 26.1% from ₦56.02 trillion ($42.12 billion) in March 2024.
On a quarter-on-quarter basis, the increase was more modest, with a rise of ₦344 billion or 0.5% from the ₦70.29 trillion recorded in December 2024.
While the dollar-denominated portion of the debt rose by $3.86 billion over the year, the more significant jump in naira terms highlights the increasing strain from exchange rate volatility.
The official exchange rate used by the Central Bank of Nigeria (CBN) for Q1 2024 was ₦1,330.26 per US dollar. Though the exact rate for Q1 2025 has not been disclosed, the data suggest further depreciation of the naira, which directly inflates the cost of repaying external loans.
Nigeria’s external debt comprises borrowings from multilateral lenders like the World Bank and African Development Bank, bilateral partners, and commercial creditors, including Eurobond investors. As the local currency weakens, the naira cost of servicing these obligations continues to balloon, raising concerns over debt sustainability.
Domestic debt climbs to ₦78.76 trillion amid fiscal expansion
On the domestic front, Nigeria’s debt rose to ₦78.76 trillion ($51.26 billion) by March 2025 — a year-on-year rise of ₦13.11 trillion or 20% from ₦65.65 trillion in March 2024. The domestic debt component also grew by ₦4.38 trillion or 5.9% on a quarterly basis, up from ₦74.38 trillion in December 2024.
The Federal Government remains the dominant borrower, accounting for ₦74.89 trillion of total domestic debt, while the 36 states and the Federal Capital Territory (FCT) collectively hold ₦3.87 trillion. Notably, subnational domestic debt declined slightly from ₦3.97 trillion in Q4 2024 and ₦4.07 trillion in Q1 2024, suggesting either reduced borrowing activity by state governments or improved debt service efforts.
Domestic debt is primarily financed through government instruments like Treasury Bills, Federal Government Bonds, Sukuk, and Green Bonds. These instruments are seen as relatively stable compared to foreign loans, but still impose significant interest payment obligations on the government.
Summary of Nigeria’s public debt at Q1 2025
Category
Q1 2024
Q4 2024
Q1 2025
Change (YoY)
Change (QoQ)
Total Public Debt
₦121.67 trillion
₦144.67 trillion
₦149.39 trillion
+₦27.72 trillion (+22.8%)
+₦4.72 trillion (+3.3%)
External Debt (₦)
₦56.02 trillion
₦70.29 trillion
₦70.63 trillion
+₦14.61 trillion (+26.1%)
+₦344 billion (+0.5%)
External Debt (USD)
$42.12 billion
N/A
$45.98 billion
+$3.86 billion
N/A
Exchange Rate (CBN)
₦1,330.26 / $1
N/A
Not disclosed
Naira depreciation (implied)
Naira depreciation (implied)
Domestic Debt
₦65.65 trillion
₦74.38 trillion
₦78.76 trillion
+₦13.11 trillion (+20%)
+₦4.38 trillion (+5.9%)
– FG Domestic Debt
N/A
N/A
₦74.89 trillion
N/A
N/A
– States + FCT Domestic Debt
₦4.07 trillion
₦3.97 trillion
₦3.87 trillion
–₦200 billion (–4.9%)
–₦100 billion (–2.5%)
