Nigeria’s total public debt has soared to ₦152.40 trillion as of June 30, 2025, according to new data released by the Debt Management Office (DMO).
The figure marks a ₦3.01 trillion increase from ₦149.39 trillion recorded in March 2025 a 2.01% rise within just three months.
In dollar terms, the debt stock jumped from $97.24 billion to $99.66 billion, showing a 2.49% increase.
The DMO attributed the growth to additional borrowing both locally and internationally to finance fiscal deficits despite ongoing revenue reforms and foreign exchange liberalisation efforts.
External debt rose from $45.98 billion in March to $46.98 billion (₦71.85 trillion) by June.
The World Bank remains Nigeria’s top external creditor with $18.04 billion in outstanding loans, representing 38% of total external obligations, mostly through the International Development Association.
Multilateral lenders hold a combined $23.19 billion, or 49.4% of total foreign debt.
This group includes the African Development Bank, the International Monetary Fund, and the Islamic Development Bank.
Bilateral loans stood at $6.20 billion, with China’s Exim Bank leading at $4.91 billion, followed by France, Japan, India, and Germany.
Commercial borrowings, mainly Eurobonds, accounted for $17.32 billion about 36.9% of Nigeria’s total external debt.
Another $268.9 million came from syndicated facilities and commercial bank loans.
Analysts warn that Nigeria’s high Eurobond exposure leaves the economy vulnerable to global market fluctuations.
Domestically, the total debt stock climbed from ₦78.76 trillion in March to ₦80.55 trillion in June, an increase of ₦1.79 trillion or 2.27%.
Federal Government bonds dominated the structure, standing at ₦60.65 trillion 79.2% of the total domestic debt.
This includes ₦36.52 trillion in naira bonds, ₦22.72 trillion in securitised Ways and Means advances from the Central Bank of Nigeria, and ₦1.40 trillion in dollar-denominated bonds.
Other local instruments comprised Treasury bills worth ₦12.76 trillion, Sukuk bonds at ₦1.29 trillion, savings bonds totalling ₦91.53 billion, green bonds valued at ₦62.36 billion, and promissory notes of ₦1.73 trillion.
The DMO said the government continues to adopt measures to improve revenue generation and manage debt sustainability.
However, experts have expressed concern that Nigeria’s growing reliance on borrowing, especially external debt, could increase fiscal risks if economic growth remains weak.