Nigeria’s public debt hits record ₦149.3Trillion under Tinubu government
A review of the Debt Management Office data by has shown that the country’s public debt grew to ₦149.3 trillion as of March 31, 2025.
This development means the debt increased from the ₦144.6 trillion recorded as of December 2024.
According to the review, domestic debt rose by N4.4 trillion between December 2024 and March 2025, growing from ₦74.3 trillion in December 2024 to ₦78.7 trillion as of March 2025.
On the other hand, external debt increased by N350 billion rising from ₦70.28 trillion in December 2024 to ₦70.63 trillion as of March 2025.
READ ALSO: Nigeria exits IMF’s list after settling outstanding debts
Nigeria’s debt profile has seen a steady increase.
While it rose to ₦144 trillion in December 2024, the country’s total public debt stood at ₦142 trillion as of September 2024.
As of that same period, external debt stood at ₦68.8 trillion, while domestic debt was ₦73.4 trillion.
The data review also showed that, as of September 2024, the federal government alone owed ₦69.2 trillion in domestic debt, while states and the Federal Capital Territory owed ₦4.2trillion.
The figures suggest that the country has continued to rely heavily on domestic sources for its loan portfolio.
READ ALSO: Nigeria among Africa’s top 10 debtors – Report
The published total debt profile is also significantly higher than the ₦134.2 trillion Nigeria owed as of June 2024.
As of June 2024, total external debt stood at ₦63 trillion, while domestic debt was ₦71.2 trillion.
Of this amount, the federal government’s domestic debt stood at ₦66.9 trillion, while state governments accounted for ₦4.2 trillion.
This development comes despite repeated promises by the Tinubu administration that Nigeria would become less reliant on loans.
READ ALSO: Nigeria’s debt rises to staggering N134.3 trillion in Q2 2024
For instance, in August 2023, while inaugurating the Presidential Committee on Tax Reforms, Tinubu had vowed to reduce Nigeria’s dependence on borrowing for public expenditure.
The State House website published the following statement in August 2023:
“President Bola Tinubu in Abuja expressed his resolute commitment to break the vicious cycle of overreliance on borrowing for public spending, and the resulting burden of debt servicing it places on the management of Nigeria’s limited government revenues.”
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