Nigeria’s Public Debt Rises to ₦149.39 Trillion Under Tinubu, May Surpass ₦180 Trillion

Nigeria’s total public debt has increased under President Bola Tinubu, rising from ₦87.91 trillion in September 2023 to ₦149.39 trillion by March 31, 2025, according to data released by the Debt Management Office (DMO).

This represents an increase of ₦61.48 trillion in just 18 months. The surge comes amid ongoing economic reforms, the removal of fuel subsidies, a floating exchange rate regime, and a significant depreciation of the naira.

The DMO data shows that the public debt figure includes both domestic and external borrowings. The official exchange rate from the Central Bank of Nigeria (CBN) as of September 30, 2023, was ₦768.76 to the US dollar. By March 2025, the rate had dropped to approximately ₦1,534 per dollar, effectively doubling the local currency cost of Nigeria’s external debt.

The rising debt may soon surpass ₦180 trillion if the federal government proceeds with its plan to borrow an additional $21 billion. At the current exchange rate, this would translate to about ₦32.21 trillion. If this borrowing is finalised and reflected in the upcoming DMO report for Q2 2025, the debt stock could exceed ₦180 trillion, a figure previously projected by former presidential candidate Peter Obi.

The federal government maintains that the borrowing is aimed at financing infrastructure, stabilising the economy, and supporting development goals. However, the rapid pace of debt accumulation has raised concerns over Nigeria’s fiscal sustainability and the growing burden of debt servicing.

Currently, Nigeria allocates a substantial portion of its revenue to debt repayment. The fall of the naira has further increased repayment obligations, placing pressure on government finances and limiting spending on critical sectors.

The next DMO report is expected to be released in the coming weeks. If the new loan is included, it will mark a historic high in the nation’s public debt profile, prompting fresh debate over the country’s borrowing strategy and economic direction under the Tinubu administration.

Read More:

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• Tinubu’s Economic Policies Are Reducing Hardworking Nigerians to Beggars

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Mayowa Durosinmi

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M. Durosinmi is a West Africa Weekly investigative reporter covering Politics, Human Rights, Health, and Security in West Africa and the Sahel Region

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West Africa Weekly

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