Nigeria’s public debt climbed to N149.4 trillion ($97.2 billion) within the first quarter of the 12 months, up from N144.7 trillion ($94.2 billion) three months prior, knowledge from the statistics workplace on Friday confirmed.
The three.2 per cent rise derived power from native borrowing, which grew to N78.8 trillion as the federal government took on extra naira-denominated debt in the course of the assessment interval.
That drove native debt’s share of Nigeria’s whole public debt to 52.7 per cent, in comparison with exterior debt’s share of 47.3 per cent.
Nigeria’s urge for food for debt has gained extra depth since President Bola Tinubu took workplace in Might 2023, with the nation’s whole debt inventory in naira rising by 348.6 per cent in lower than two years between June 2023, when it totalled N33.3 trillion, and March this 12 months.
Debt service-to-revenue ratio, which gauges how a lot of the money generated by the federal government goes into repaying debt, stood at 156.8 per cent as of early Might, in comparison with 29.1 per cent as of 2014.
This week, President Tinubu wrote the parliament for permission to boost contemporary $2.3 billion debt in Eurobond and subject $500 million in sukuk. The latter goals to refinance a maturing debt and fund some infrastructural initiatives within the nation.
“Lagos state recorded the very best home debt in Q1 2025 with ₦874.03 billion, adopted by Rivers with ₦364.39 billion, whereas Jigawa state recorded the bottom with ₦1.06 billion, adopted by Ondo with ₦11.76 billion,” the debt knowledge acknowledged.
The Minister of Finance and Coordinating Minister of the Economic system, Wale Edun, had earlier, on the fifty fifth Annual Accountants Convention, stated the federal government plans to refinance high-cost debt and centralise all authorities funds below the supervision of the Central Financial institution of Nigeria (CBN) to reinforce transparency and lower borrowing prices.
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He added that ongoing fiscal and financial reforms have been already enhancing Nigeria’s debt sustainability outlook.
“We’re taking deliberate steps to refinance our costly debt and convey down the price of borrowing. This can ease fiscal stress, free assets for growth spending, and strengthen our long-term fiscal place,” he stated.
