BREAKING: Nigeria’s Public Debt Hits ₦149.3 Trillion Under President Tinubu Government
The Genius Media Nigeria reports that Nigeria’s public debt surged to N149.3 trillion by March 31, 2025, according to a review of Debt Management Office data conducted by SaharaReporters. This signifies an increase from the N144.6 trillion recorded as of December 2024.
The review indicates that domestic debt saw a rise of N4.4 trillion between December 2024 and March 2025, climbing from N74.3 trillion to N78.7 trillion. Concurrently, external debt expanded by N350 billion, moving from N70.28 trillion in December 2024 to N70.63 trillion by March 2025.
Bola Tinubu
Nigeria’s debt profile has demonstrated a consistent upward trend. While it hit N144 trillion in December 2024, the nation’s total public debt was N142 trillion as of September 2024. During that same period, external debt stood at N68.8 trillion, with domestic debt at N73.4 trillion.
The data further reveals that, as of September 2024, the federal government alone held N69.2 trillion in domestic debt, while states and the Federal Capital Territory accounted for N4.2 trillion. These figures suggest an ongoing substantial reliance on domestic borrowing for the country’s loan portfolio.
The newly published total debt profile is also notably higher than the N134.2 trillion Nigeria owed as of June 2024. At that time, total external debt was N63 trillion, and domestic debt stood at N71.2 trillion. Of this sum, the federal government’s domestic debt amounted to N66.9 trillion, with state governments contributing N4.2 trillion.
This increase in debt occurs despite repeated assurances from the Tinubu administration to decrease Nigeria’s dependence on loans.For instance, in August 2023, while inaugurating the Presidential Committee on Tax Reforms, President Tinubu had pledged to reduce the country’s reliance on borrowing for public spending. The State House website published the following statement in August 2023:
“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.”
