Nigeria’s External Debt Jumps to $51.86bn in Two Years Under Tinubu

Nigeria’s external debt rose from $42.49 billion in December 2023 to $51.86 billion by December 2025. This 22% increase reflects intensified foreign borrowing under President Bola Tinubu’s administration. Multilateral institutions became the main lenders. World Bank IDA exposure climbed to $18.51 billion and IBRD loans reached $1.38 billion. Eurobond issuances contributed over $3 billion as Nigeria returned to global capital markets. External debt now accounts for 47.3% of total public obligations, with debt service costs hitting $5.21 billion in 2025. Fresh World Bank loans of about $1.25 billion are in the pipeline, raising concerns about rising interest burdens and widening fiscal deficits. Total public debt stood at N159.28 trillion (around $110.97 billion) by the end of 2025. Some even quip that Tinubu would “borrow from God” if given the chance.

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