Key Points
- Total public debt reaches ₦152.40 trillion by June 2025. Figure rises ₦3.01 trillion from the March position.
- External debt stands at $46.98 billion by June. Eurobond stock hits $17.32 billion, heightening market risk.
- Domestic debt totals ₦80.55 trillion, led by FGN bonds. Ways and Means now sits at ₦22.72 trillion.
Nigeria’s public debt rose again in the second quarter. The Debt Management Office put the stock at ₦152.40 trillion. The cut-off date is 30 June, based on official returns.
The level rose by ₦3.01 trillion in three months. In dollar terms, the stock reached $99.66 billion overall. March data showed $97.24 billion, so the change was modest.
The DMO said fresh loans filled known fiscal gaps. It cited local and foreign sales despite ongoing revenue efforts. Officials also noted reforms calming FX markets in recent weeks.
External debt profile and lenders
External debt rose from $45.98 billion to $46.98 billion. That equals about ₦71.85 trillion using the DMO rate. The share sits near one third of total obligations.
The World Bank remains the largest single creditor by far. Outstanding loans stand at $18.04 billion, about thirty eight percent. Other multilaterals hold $23.19 billion, close to half overall.
Bilateral loans total $6.20 billion across key partner countries. China’s Exim Bank leads with $4.91 billion outstanding today. Others include France, Japan, India, and Germany by size.
Commercial obligations are driven by Eurobonds at $17.32 billion. They form about thirty seven percent of the external book. Syndicated loans add $268.9 million from assorted bank facilities.
Analysts warn Eurobond exposure raises sensitivity to global shocks. Price swings can lift refinancing costs during risk-off cycles. Recent official debate includes World Bank poverty report rebuttal.
Domestic debt composition and market risks
Domestic obligations rose to ₦80.55 trillion during the quarter. The change from March was ₦1.79 trillion, DMO said. Local debt still makes up the larger share today.
Federal Government bonds dominate the book at ₦60.65 trillion. They include ₦36.52 trillion in naira bonds now outstanding. The DMO also lists ₦1.40 trillion in dollar bonds.
Securitised Ways and Means stand at ₦22.72 trillion currently. Treasury bills add ₦12.76 trillion across active maturities. Sukuk bonds contribute ₦1.29 trillion to project finance.
Retail savings bonds currently total ₦91.53 billion on issue. Green bonds add ₦62.36 billion for climate projects. Promissory notes remain at ₦1.73 trillion, pending full redemption.
The office stressed fiscal reforms, including wider tax administration. It said revenue actions should ease near term borrowing pressure. Clear policy signals also help the market price fresh issues.
The dollar value moved with exchange gains during the quarter. FX liberalisation still feeds swings across the total debt print. Stronger inflows could slow the build-up later this year.
Bond dealers expect steady auctions as cash needs persist. Analysts urge longer tenors to reduce frequent rollover risks. Clear growth reforms would lower borrowing needs over time
