Amid removal of fuel subsidy and other government policies, Nigeria’s total public debt has risen to N149.39tn.
This figure is as of March 31, 2025, marking a year-on-year increase of N27.72tn or 22.8 per cent compared to the N121.67tn recorded in the corresponding period of 2024.
The figure was released by the Debt Management Office, DMO, on Friday.
It reflects a quarter-on-quarter increase of N4.72tn or 3.3 per cent from N144.67tn as at December 31, 2024.
NATIONAL POST recalls that the Nigerian Government had removed subsidy on fuel to free more money for all levels of government.
However, persistent rise in debt stock has been attributed to new borrowings by the Federal Government and the depreciation of the naira, which inflated the local currency value of external loans.
Depreciation of the Naira is also of the consequences of the government’s policy, reflected in the floating of the Naira when the President Bola Tinubu administration took over power in May 29, 2023.
Citizens lament that the benefits of the subsidy removal are yet to be felt, especially with the government still relying borrowing to fund public expenditure.
External debt stood at N70.63tn ($45.98bn) at the end of the first quarter of 2025, compared to N56.02tn ($42.12bn) in the same period of 2024.
This translates to a year-on-year increase of N14.61tn or 26.1 per cent. In quarter-on-quarter terms, it rose slightly from N70.29tn in December 2024, a marginal increase of N344bn or 0.5 per cent.
While the actual increase in dollar terms was only $3.86bn year-on-year, the depreciation of the naira significantly amplified the growth when converted to local currency.
On the domestic front, Nigeria’s debt stock climbed to N78.76tn ($51.26bn) in March 2025, up from N65.65tn ($49.35bn) a year earlier.
This represents a year-on-year increase of N13.11tn or 20 per cent. Compared to Q4 2024, domestic debt rose by N4.38tn or 5.9 per cent, up from N74.38tn.
Of the total domestic debt, the Federal Government accounted for N74.89tn, while subnational governments and the FCT held N3.87tn.
There has been controversy over alleged missing N210 trillion from the coffers of the Nigerian National Petroleum Corporation Limited, NNPCL.
Just recently, the Senate threatened that it may have to issue a warrant of arrest if the Group Managing Director of the NNPCL, Bayo Ojulari, failed to appear before it on July 10.
There has been outrage across the country over the humongous amount said to be allegedly missing, amid high scale poverty and suffering in the country.