DMO Releases List Of Nigeria's Creditors As Debt Hits N149 Trillion

• Nigeria's foreign and domestic debt continues to increase every year, and the latest data from DMO shows that it has now reached N149 trillion
• Analysts have expressed concerns over the speedy surge in debts and the implications for a nation with declining revenues
• The current debt profile means that every Nigerian would need to pay over N600,000, and DMO has listed the biggest creditors

Ruth Okwumbu-Imafidon, a journalist with Legit.ng, has over a decade of experience in business reporting across digital and mainstream media.

Nigeria’s public debt stood at $97.23 billion or N149.39 trillion as of the end of March 2025.

This is according to the latest data from the Debt Management Office (DMO), which covers the nation’s debt up to March 31, 2025.

The latest figure represents a 22.8% yearly growth amounting to N27.72 trillion, up from the N121.67 trillion recorded as of March 31, 2024.

The federal government alone has a public debt of $48.745 billion (or N74.89 trillion), while the state government and FCT have debts amounting to $2.52 billion (or N3.869 trillion).

Amid the surge in debt, the Debt Management Office lists Nigeria’s biggest creditor.

Foreign debts rise to N70.63 trillion ($46 billion).

Nigeria’s foreign debts as of March 31, 2025, are $45.975 billion or N70.63 trillion using the prevailing exchange rate.

Recall that as of September 30, 2024, Nigeria’s foreign debt was N68.8 trillion ($43 billion), while domestic debt was N73.4 trillion ($45.8 billion).

Here are the countries and institutions Nigeria owes, according to the DMO data.

For bilateral debts, Nigeria has about $6.7 billion to pay, with China and France being the biggest creditors, owing $5.16 billion and $609 million, respectively.

Other countries owed include Germany, Japan, and India.

Nigeria's other creditors include:

• World Bank - $18.3 billion
• Islamic Development Bank (IsDB)
• African Development Bank (AfDB) - $3.5 billion
• AFC-arranged syndicated loans - $133.6 million
• Eurobonds - $17.32 billion

Nigeria’s domestic debt rises to N78.7 trillion

The DMO data also shows that total domestic debt has reached N78.76 trillion as of March 31, 2025. This includes:

• FGN Bonds (Naira & USD) - N59.8 trillion
• Nigerian Treasury Bills - N12.7 trillion
• Promissory Notes - N1.301 trillion
• FGN Sukuk bonds - N992.6 billion
• FGN Savings Bonds - N82.6 billion
• FGN Green Bonds - N15 billion

Every Nigerian owes N653k

Compared to the last quarter ended December 31, 2024, Nigeria's total debt is up by N4.72 trillion, marking a 3.3% growth in three months.

With the current Nigerian population estimated at 227.9 million, the debt could amount to N653,795.52 per Nigerian.

Nigeria is currently rated among the highest indebted African countries by the World Bank.

Nigeria borrows N4.72 trillion in 3 months

In related news, Legit.ng reported that Nigeria's total debt has grown by N4.72 trillion within one quarter.

The external debts stood at N70.63 trillion ($45.9 billion), with the weakening currency significantly inflating naira-denominated debt despite modest dollar increases.

The country’s per capita debt has crossed N600,000, raising concerns about the strain on public finances and the government’s ability to fund developmental projects.

Source: Legit.ng