Nigeria’s external debt has increased by about $11.4 billion since President Bola Ahmed Tinubu assumed office, with the country’s external obligations rising from approximately $43.1 billion to $54.5 billion as of June 2026, according to data reviewed by Nairametrics.

The increase has been attributed to a combination of multilateral borrowing, commercial debt and syndicated financing obtained by the Federal Government during the period. Domestic debt has also risen significantly, from about ₦59.1 trillion to approximately ₦91.5 trillion, partly due to the securitisation of Ways and Means advances and increased Treasury Bills issuance.

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World Bank Loans Account for Significant Increase

Nigeria’s obligations to the World Bank increased from about $15.4 billion to $20.7 billion during the period, according to the data reviewed by Nairametrics.

Major World Bank financing under the Tinubu administration included the $2.25 billion RESET and ARMOR reform financing approved in June 2024, while another $1.57 billion was approved in September 2024 for the HOPE and SPIN programmes.

In March 2025, the World Bank approved an additional $1.08 billion for education and resilience programmes. The Federal Government also engaged the bank in 2026 for a proposed $1.25 billion financing programme targeting access to finance, digital services and electricity, alongside reforms in areas including taxation, trade and agriculture.

Eurobonds and UAE Financing Add to External Obligations

Nigeria also returned to the international commercial debt market during the period. In December 2024, the Federal Government issued $2.2 billion in Eurobonds, comprising a $700 million instrument due in 2031 and a $1.5 billion instrument due in 2034.

Another $2.35 billion Eurobond issuance followed in November 2025, consisting of $1.25 billion due in 2036 and $1.1 billion due in 2046.

Nigeria also secured a $1.8 billion syndicated loan from First Abu Dhabi Bank, while a separate $5 billion derivatives financing arrangement was agreed in 2026. The Federal Government drew $1.5 billion from that arrangement in June 2026, according to the source material.

The International Monetary Fund had raised concerns about the complexity and transparency of derivatives-based financing arrangements, while Fitch Ratings also highlighted potential transparency, liquidity and creditor-recovery risks associated with structures such as Total Return Swaps and repo transactions.

The Federal Government has defended the Abu Dhabi financing arrangement, saying that no oil revenues or strategic national assets were pledged as collateral.

Public Debt Reaches N166.79tn

Nigeria’s total public debt stock stood at ₦166.79 trillion as of June 30, 2026, up from ₦159.35 trillion at the end of March, according to figures cited in the source material.

Domestic debt accounted for ₦91.59 trillion, representing 54.91 per cent of the total debt stock, while Federal Government external debt stood at ₦65.77 trillion.

States and the Federal Capital Territory accounted for about ₦9.42 trillion in external debt, while Federal Government domestic debt stood at approximately ₦87 trillion.

The Federal Government accounted for about ₦152.77 trillion of Nigeria’s total public debt, compared with approximately ₦14.01 trillion owed by states and the FCT.

The rising debt stock comes as the Federal Government continues to finance large budget deficits and infrastructure and reform programmes through a combination of domestic and external borrowing.