Nigeria’s total public debt rose to ₦149.39tn as of March 31, 2025, marking a year-on-year increase of ₦27.72trilliin, or 22.8% compared to the ₦121.67tr recorded in the corresponding period of 2024.
The figure, released by the Debt Management Office (DMO) on Friday, also reflects a quarter-on-quarter increase of ₦4.72tr or 3.3% from ₦144.67tr as at December 31, 2024.
The persistent rise in debt stock is attributed to new borrowings by the Federal Government and the depreciation of the naira, which inflated the local currency value of external loans. This surge comes against a backdrop of persistent fiscal pressures and continued reliance on both domestic and foreign borrowing to fund public expenditure.
External debt stood at ₦70.63tr ($45.98bn) at the end of the first quarter of 2025, compared to ₦56.02tn ($42.12bn) in the same period of 2024.
Nigeria’s external borrowings include loans from multilateral lenders such as the World Bank and African Development Bank, (AfDB) bi-lateral arrangements, and commercial debt instruments, including Eurobonds.
