Nigeria’s total public debt has climbed to N149.39 trillion as of March 31, 2025, representing a year-on-year surge of N27.72 trillion or 22.8% compared to N121.67 trillion recorded in 2024.
Data released by the Debt Management Office (DMO) also show a quarter-on-quarter increase of N4.72 trillion or 3.3% from N144.67 trillion in December 2024. The DMO attributed the rising debt profile to fresh borrowing and the weakening naira, which continues to inflate the value of Nigeria’s external debt.
Despite growing revenues, Nigeria remains heavily reliant on both domestic and foreign loans to finance its budget, amid persistent fiscal pressures.
A breakdown of the debt stock shows external debt rose sharply to N70.63 trillion ($45.98 billion) in Q1 2025 — up from N56.02 trillion ($42.12 billion) in Q1 2024. This marks a 26.1% increase year-on-year. On a quarterly basis, external debt grew slightly by N344 billion or 0.5%, from N70.29 trillion recorded at the end of December 2024.
The DMO noted that the exchange rate effect continues to significantly influence the valuation of external obligations.
