Hussaini Ibrahim 
KANO, Nigeria – Nigeria’s total public debt has surged to ₦152.4 trillion as of June 30, 2025, reflecting a ₦3.01 trillion rise from the ₦149.39 trillion recorded at the end of March, according to data released by the Debt Management Office (DMO) on Saturday.
The figure marks a 2.01 per cent quarterly increase, with total debt in dollar terms rising from $97.24 billion to $99.66 billion, a 2.49 per cent uptick.
Analysts say the latest numbers highlight the Federal Government’s growing dependence on both domestic and external borrowing to bridge fiscal shortfalls amid sluggish revenue growth and volatile foreign exchange markets.
A breakdown shows that external debt rose to $46.98 billion (₦71.85 trillion), up from $45.98 billion (₦70.63 trillion) in March. The World Bank remained Nigeria’s top creditor with $18.04 billion, mostly through the International Development Association, accounting for 38 per cent of total external debt.
Multilateral institutions collectively held $23.19 billion (49.4 per cent), while bilateral loans totalled $6.20 billion, led by the Export-Import Bank of China with $4.91 billion. Commercial borrowings, mainly Eurobonds, stood at $17.32 billion, about 37 per cent of external exposure.
On the domestic side, total debt rose to ₦80.55 trillion from ₦78.76 trillion, driven by increased Federal Government bonds and the securitisation of Central Bank overdrafts (Ways and Means advances).
The DMO said the Federal Government accounts for ₦141.08 trillion (92.6%), while states and the FCT owe ₦11.32 trillion (7.4%). Despite assurances of debt sustainability, economists warn that Nigeria’s rising obligations could strain future budgets and complicate monetary reforms.
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Mirian Gom 
Oluwafunbi Bello