Abuja, April 29, 2026 — Nigeria’s total public debt has risen sharply since President Bola Ahmed Tinubu assumed office in May 2023, with official figures showing an increase of approximately ₦65 trillion by mid-2025 and further growth pushing the stock to ₦159.28 trillion by December 2025, according to the Debt Management Office (DMO).

Debt Stock Growth

• At the end of June 2023 (shortly after Tinubu took office), Nigeria’s total public debt stood at ₦87.38 trillion.
• By June 2025, it had climbed to ₦152.40 trillion—a net increase of about ₦65 trillion in two years.
• As of December 31, 2025, the debt reached ₦159.28 trillion (approximately $110.97 billion), up from ₦144.67 trillion a year earlier.

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The naira figure has been heavily influenced by the depreciation of the local currency against the dollar, which inflated the naira value of existing external debt. Fresh borrowing, including securitization of previous Central Bank Ways and Means advances, also contributed significantly.

In April 2026, President Tinubu requested National Assembly approval for over $6 billion in new foreign loans, which analysts say could push the total debt stock toward or beyond ₦195 trillion if approved.

Debt Servicing Burden Debt service costs have become a major concern. Reports indicate:

• Total debt service rose to around ₦16 trillion in 2025 (from ₦13.02 trillion in 2024).
• In some periods, debt servicing consumed over 100% of federal revenue, crowding out capital expenditure and social spending. Independent analyses have cited ratios as high as 113–130% in parts of 2024–2025.

What the Funds Supported The government has attributed increased borrowing to financing budget deficits and key projects under the “Renewed Hope” agenda. Areas cited include:

• Infrastructure: Road projects (including sections of the Lagos-Calabar Coastal Highway and proposed Sokoto-Badagry Superhighway), rail, power, and airports.
• Other sectors: Security, agriculture, health, education, and human capital development.
• The Senate previously approved a $21.5 billion medium-term external borrowing plan for such priorities.

Critics, however, point to persistent infrastructure gaps, high inflation, naira volatility, and limited visible improvements relative to the scale of borrowing. Questions have also been raised about contract awards, project execution efficiency, and overall value for money.

Context and Caveats A significant portion of the debt stock increase stems from exchange rate effects rather than entirely new cash inflows. Nigeria has faced multiple shocks, including post-subsidy removal adjustments, global economic pressures, and revenue shortfalls.

The DMO continues to publish quarterly debt reports on its website (dmo.gov.ng), providing the most authoritative data.

dmo.gov.ng

Sources:

• Debt Management Office (DMO) Nigeria official reports (various quarters up to December 2025).
• Daily Trust, Punch, Vanguard, Channels Television, and other Nigerian media outlets.

This story reflects ongoing public debate on fiscal sustainability in Nigeria. Independent verification of specific project outcomes and full audit trails remains essential for accountability. For the latest official figures, refer directly to DMO publications.