Nigeria's Bilateral Debt Rises by $634M in 2025

According to the Debt Management Office's report dated December 31, 2025, Nigeria's bilateral debt stock rose by $634.34 million, reaching $6.72 billion, marking a 10.42% year-on-year increase from $6.09 billion in 2024. The total external debt of Nigeria increased from $45.78 billion in 2024 to $51.86 billion in 2025, a rise of $6.08 billion or 13.27%.

The French Development Agency contributed significantly to this increase, with loans rising from $318.83 million in 2024 to $911.43 million in 2025, representing a 53.80% increase. The China Development Bank also saw its loans double, contributing to a total of $517.37 million, a 103.12% increase.

Despite these increases, the share of bilateral debt in Nigeria's total external debt decreased from 13.30% in 2024 to 12.97% in 2025. The report highlights that Chinese lenders account for 83% of Nigeria's bilateral debt stock.

Concerns about Nigeria's growing debt burden were raised by former Central Bank Governor Kano Muhammadu Sanusi II, who criticized the government's reliance on loans despite the removal of fuel subsidies.