Nigeria's External Debt Climbs $11.36 Billion Under Tinubu
Since President Bola Ahmed Tinubu assumed office in May 2023, Nigeria's external debt has surged by $11.36 billion, reaching $54.52 billion as of June 30, 2026. This represents a 26% increase from $43.16 billion recorded in June 2023.
The Debt Management Office (DMO) attributes this rise to increased borrowing from multilateral lenders, international bond markets, and commercial creditors. The World Bank is Nigeria's largest multilateral creditor, with $20.73 billion outstanding, including $19.12 billion owed to the International Development Association and $1.61 billion to the International Bank for Reconstruction and Development.
Nigeria has secured various World Bank financing packages since 2024 to support economic reforms and infrastructure. The DMO reported that Nigeria's domestic debt stood at N166.79 trillion at the end of June 2026, with the federal government accounting for N153.77 trillion.
The 2026 budget anticipates a deficit of about N31.46 trillion, with borrowing planned to cover this shortfall.
Plus234Feed summary based on reporting from Legit.ng. Read the original report below.
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