Nigeria’s Debt Hits ₦153.29trn

Описание: Nigeria’s total public debt has climbed to ₦153.29 trillion as of September 30, 2025, according to the Debt Management Office, rising by ₦893.87 billion within a single quarter. In dollar terms, the figure has increased to $103.94 billion, with external obligations accounting for nearly 47 per cent of the portfolio, while domestic borrowing continues to dominate. Much of the surge in external debt reflects naira depreciation rather than fresh borrowing, raising concerns about exchange rate vulnerability and long-term sustainability.
What does this level of debt signal about Nigeria’s fiscal trajectory? Is there a deliberate strategy to manage the composition sustainably, or are domestic borrowings crowding out private sector growth? With credit costs elevated, banks favouring government instruments, and recapitalisation deadlines approaching, can Nigeria unlock productive lending to the real sector?
Segun Sopitan, Principal Partner at Woodridge and Scott Consulting, joins the conversation.

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