In the second quarter of 2025, Nigeria spent ₦1.7 trillion servicing its domestic debt, according to data from the Debt Management Office (DMO).
By June 30, 2025, the country’s total public debt reached ₦152.40 trillion, climbing from ₦149.39 trillion at the end of March, which is a rise of ₦3.01 trillion, or about 2.01%. In dollar terms, the debt grew from $97.24 billion to $99.66 billion over the same period, a 2.49% increase.
Of that total debt, ₦80.55 trillion was domestic debt (up from ₦78.76 trillion in March) — a ₂.27% increase. The Federal Government holds ₦141.08 trillion (about 92.6% of the total), split between external debt of ₦64.49 trillion and domestic borrowings of ₦76.59 trillion.The 36 states and the FCT account for the remaining ₦11.32 trillion (about 7.4%) of the debt.
Internally, the bulk of Nigeria’s domestic debt is in Federal Government Bonds, which stand at ₦60.65 trillion. This makes up 79.2% of total domestic debt. Other components include Treasury Bills (₦12.76 trillion), Sukuk Bonds (₦1.29 trillion), Savings Bonds (₦91.53 billion), Green Bonds (₦62.36 billion), and Promissory Notes (₦1.73 trillion).
Externally, Nigeria’s debt was $46.98 billion (₦71.85 trillion) by June, up from $45.98 billion (₦70.63 trillion) in March. Among lenders, the World Bank is Nigeria’s biggest single external creditor with $18.04 billion.
While the DMO argues the debt is still within sustainable limits, analysts continue to worry about rising borrowing costs and the impact of volatile exchange rates.
