SAT OCT 18 2025-theGBJournal| Nigeria’s total public debt, according to Cordros Research, will top N152.11 trillion (35.5% of GDP) by year-end, representing a 5.1% y/y increase from N144.67 trillion in 2024, but expected to moderate in 2025.
The moderation is expected to be underpinned by reduced fiscal borrowing, particularly in the domestic debt market, reflecting the slow implementation of the 2025 budget and the sustained appreciation of the naira.
The projection comes amid rising Nigeria’s public debt which spiked by 2.0% q/q to N152.40 trillion in Q2-25 (Q1-25: N149.39 trillion), according to latest figures released by the Debt Management Office (DMO).
Cordros attributes the increase to additional borrowings undertaken to finance rising government expenditures, reflecting the continued shortfall in revenue.
Notably, the total domestic debt stock (52.9% of total public debt) rose by 2.3% q/q to N80.55 trillion (Q1-25: N78.76 trillion), reflecting the increase in Federal government debt stock (+2.3% q/q) and states’ debt stock (+2.4% q/q).
At the same time, total external debt stock (47.1% of the total public debt) increased by 2.2% q/q to US$46.98 billion (vs +0.4% q/q to US$45.98 billion in Q1-25), due to additional borrowings from the World Bank (US$1.15 billion) and African Development Bank (US$12.14 million).
In naira terms, total external debt rose by 1.7% q/q to N71.85 trillion (Q1-25: N70.63 trillion) using an average exchange rate value of N1,529.21/USD in Q2-25 (Q1-25: N1,536.32/USD). On a year-on-year basis, total debt grew by 113.5%.
X-@theGBJournal|Facebook-the Government and Business Journal|email:gbj@govbusinessjournal.com|govandbusinessj@gmail.com
