Nigeria's External Debt Hits $51.86 Billion Under Tinubu

Nigeria's total external debt stock increased from $42.49 billion in December 2023 to $51.86 billion in December 2025, reflecting a $9.36 billion rise under President Bola Tinubu's administration. This increase, reported by the Debt Management Office (DMO), indicates a significant shift in Nigeria's borrowing strategy, moving away from reliance on bilateral creditors like China towards multilateral institutions, particularly the World Bank Group.

The government is also planning to secure an additional $1.25 billion loan from the World Bank. The external debt profile consists mainly of multilateral loans, bilateral loans, and Eurobond issuances.

Notably, the World Bank has emerged as a major contributor to Nigeria's external debt growth, with its loans representing 38.36% of the total external debt stock. The increase in external debt coincides with rising domestic debt, which grew from ₦59.1 trillion to ₦89.4 trillion, raising concerns over the sustainability of Nigeria's debt service obligations amid persistent fiscal deficits.