Nigeria’s public debt has increased by ₦4.7 trillion in the first quarter of 2025, bringing the total debt to ₦149.3 trillion as of March 31, according to newly reviewed data from the Debt Management Office (DMO).
This marks a steady rise from ₦144.6 trillion recorded at the end of December 2024.
Debt Breakdown:
- Domestic Debt: Rose from ₦74.3 trillion in December 2024 to ₦78.7 trillion in March 2025 — a ₦4.4 trillion increase.
- External Debt: Increased marginally by ₦350 billion, from ₦70.28 trillion to ₦70.63 trillion in the same period.
The figures confirm a consistent upward trend in Nigeria’s debt profile over the past year:
- June 2024: ₦134.2 trillion
- September 2024: ₦142 trillion
- December 2024: ₦144.6 trillion
- March 2025: ₦149.3 trillion
As of September 2024:
-The Federal Government owed ₦69.2 trillion in domestic debt.
-State governments and the FCT owed ₦4.2 trillion.
This indicates continued heavy reliance on domestic borrowing.
The new figures contrast sharply with earlier statements by President Bola Ahmed Tinubu, who had promised to reduce the country’s reliance on loans. In August 2023, while inaugurating the Presidential Committee on Tax Reforms, the president pledged:
“I am committed to breaking the vicious cycle of overreliance on borrowing for public spending and the burden of debt servicing on Nigeria’s limited revenues.”
Despite these assurances, Nigeria’s debt has risen by over ₦15 trillion in just nine months — raising questions about the government’s fiscal strategy and long-term sustainability.
