Nigeria’s total debt has surged to ₦149.39 trillion, largely driven by naira depreciation and increased borrowing, new figures from the DMO show. Analysts warn of fiscal instability.
Nigeria’s total public debt rose to ₦149.39 trillion by March 31, 2025, a ₦27.72 trillion increase from ₦121.67 trillion a year earlier, according to new data from the Debt Management Office (DMO). The surge was largely attributed to naira depreciation and fresh borrowing.
External debt stood at ₦70.63 trillion ($45.98bn), up from ₦56.02 trillion in Q1 2024. Domestic debt also rose year-on-year by ₦13.11 trillion to ₦78.76 trillion. The DMO used an exchange rate of ₦1,536.315/$ as of March 2025, compared to ₦1,330.26/$ a year earlier.
Debt servicing in Q1 cost ₦2.6 trillion, raising concerns among analysts. “Nigeria’s debt profile will cross ₦150 trillion,” said economist Paul Alaje.
Prof. Garba Sheka warned: “We are in a dilemma… the only option is to take loans.”
Despite subsidy removal and increased revenue, experts say the impact is not visible. Dr. Muda Yusuf advised, “Government should slow down so that debt service obligations do not choke us.”