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Nigeria's Public Debt Hits N152.4 Trillion

Nigeria’s Public Debt Hits N152.4 Trillion In The Month Of June 2025

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Nigeria’s Public Debt Hits N152.4 Trillion In The Month Of June 2025—-Nigeria’s total public debt has climbed to N152.40 trillion as of June 30, 2025, up from N149.39 trillion at the end of March.

This is according to the latest figures from the Debt Management Office (DMO).

The figure represents a quarterly increase of N3.01 trillion, equivalent to 2.01%, while in dollar terms the debt stock rose from $97.24 billion to $99.66 billion, reflecting a 2.49% increase.

External debt portfolio sees modest rise

Nigeria’s external debt stood at $46.98 billion (N71.85 trillion) in June, up from $45.98 billion (N70.63 trillion) in March. The DMO report shows that multilateral lenders remain the largest creditors, with a combined exposure of $23.19 billion, accounting for 49.4% of external obligations. The World Bank, through the International Development Association, is the single largest creditor with $18.04 billion outstanding.

Bilateral loans made up $6.20 billion, led by the Export-Import Bank of China at $4.91 billion, followed by smaller exposures to France, Japan, India, and Germany. Commercial borrowings remained sizeable at $17.32 billion, almost entirely Eurobonds, which account for 36.9% of the external portfolio. A further $268.9 million was owed under syndicated facilities and commercial bank loans.

The reliance on Eurobonds and other commercial instruments exposes Nigeria to global market volatility, while the heavy concentration in multilateral loans indicates continued dependence on concessional financing.

Domestic debt dominated by long-term bonds
On the domestic side, total obligations reached N80.55 trillion by June, an increase of N1.79 trillion from N78.76 trillion in March. Federal Government bonds dominated the portfolio with N60.65 trillion, representing 79.2% of total domestic debt. This category included N36.52 trillion in naira-denominated bonds, N22.72 trillion in securitised Ways and Means advances, and N1.40 trillion in dollar bonds.

Treasury bills accounted for N12.76 trillion, or 16.7%, while Sukuk issues stood at N1.29 trillion. Smaller instruments included savings bonds worth N91.53 billion, green bonds of N62.36 billion, and promissory notes totalling N1.73 trillion. The promissory notes include both naira and foreign currency-denominated liabilities converted at the June CBN exchange rates.

The growing stock of securitised Ways and Means advances underlines the fiscal stress the government faces, even as it leans on bond markets to finance budget deficits.

Federal Government accounts for over 92%
Of the N152.40 trillion debt stock, the Federal Government was responsible for N141.08 trillion, which amounts to 92.6% of the total. This was made up of N64.49 trillion in external obligations and N76.59 trillion in domestic debt.

For the first time in 2025, the DMO provided a separate breakdown of external debt for states and the Federal Capital Territory. Their combined obligations were reported at $4.81 billion (N7.36 trillion), while their domestic debts stood at N3.96 trillion. In total, subnational governments owed N11.32 trillion, accounting for 7.4% of the national debt stock

What you should know
The DMO explained that external debt was converted to naira using the Central Bank’s official exchange rate of N1,529.21 to the dollar as of June 30, 2025. The weaker exchange rate compared with earlier in the year magnified the naira value of foreign borrowings, adding to the rise in the overall stock.

This effect highlights the vulnerability of Nigeria’s debt portfolio to currency depreciation. Even in periods where fresh borrowing is limited, the conversion of dollar and other foreign currency debts at weaker naira levels inflates the total.

Although Nigeria’s debt-to-GDP ratio remains within international thresholds, the pace of growth and the increasing cost of servicing loans continue to raise questions about sustainability.

Nigeria’s debt trajectory underscores the need for stronger revenue mobilisation and fiscal consolidation. Without significant progress in expanding the tax base and reducing expenditure inefficiencies, debt service could continue to crowd out investments in infrastructure and social spending.

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BREAKING: Manchester City Agree £125m Deal to Sign Enzo Fernández From Chelsea On Deadline Day

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BREAKING: Manchester City Agree £125m Deal to Sign Enzo Fernández From Chelsea On Deadline Day—-Cityzens have reached a British record-equalling agreement with Chelsea for the Argentina international on Deadline Day, with Fernández set to undergo his medical.

Manchester City have agreed a £125 million deal with Chelsea to sign Enzo Fernández in one of the biggest transfers of Deadline Day.

The agreement, reported by Sky Sports and other leading outlets, will see the Argentina international leave Stamford Bridge for the Etihad Stadium in a move that matches the British transfer record previously set by Liverpool’s £125m signing of Alexander Isak.

Fernández is expected to undergo his medical before completing the transfer, with City working against the clock to finalise the deal before the summer transfer window closes.

Maresca Reunites With Fernández

The move will see Fernández reunite with Enzo Maresca, who previously coached him at Chelsea and is now Manchester City’s manager.

Maresca is understood to have been a major driving force behind City’s pursuit of the midfielder as he looks to reshape his squad and strengthen the centre of midfield.

Fernández played an important role during Maresca’s time at Stamford Bridge, helping Chelsea win major silverware before the Italian manager’s move to Manchester.

Chelsea Accept Record Fee

Chelsea signed Fernández from Benfica in January 2023 for approximately £107 million, making him one of the most expensive players in Premier League history at the time.

Just over three years later, Chelsea have agreed to sell the 25-year-old for £125 million, representing a significant return on their original investment.

The Argentine had recently been left out of Chelsea’s squad for successive matches, increasing speculation that his Stamford Bridge future was coming to an end.

City Make Deadline-Day Statement

Manchester City had been pursuing Fernández for much of the summer, but negotiations intensified dramatically as the transfer deadline approached.

Chelsea had previously valued their midfielder at around £120 million and had initially expected him to remain at the club after an earlier deadline for bids passed without a formal offer. However, City’s interest never disappeared, and the two clubs eventually found an agreement on Deadline Day.

The final £125 million package now puts Fernández level with the British transfer record.

Fernández Begins New Chapter

For Fernández, the transfer brings an end to a turbulent period at Chelsea and opens a new chapter under a manager he already knows.

The World Cup-winning midfielder arrived in England with enormous expectations after starring for Argentina and Benfica.

At Manchester City, he will be expected to become a central figure in Maresca’s midfield and help the club compete on multiple fronts.

A Record-Breaking Transfer

The £125 million agreement places Fernández among the most expensive players in football history and makes the Deadline Day transfer one of the biggest stories of the summer window.

City are now racing to complete the remaining formalities, including the medical, before the deadline.

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BREAKING: Tottenham Agree Double Deal With Chelsea for Mudryk and Tosin

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BREAKING: Tottenham Agree Double Deal With Chelsea for Mudryk and Tosin—-Spurs reach agreement with Chelsea for Mykhailo Mudryk and Tosin Adarabioyo, with Mudryk arriving on loan with a £75m option to buy and Tosin joining permanently.

Tottenham Hotspur have struck a double agreement with Chelsea to sign Mykhailo Mudryk and Tosin Adarabioyo as the north London club makes a late push to strengthen its squad.

The deal will see Mudryk join Tottenham on a season-long loan, while the Ukrainian winger’s agreement includes a £75 million option to buy at the end of the loan spell.

Importantly, the £75m clause is not mandatory, meaning Tottenham will have the choice to make Mudryk’s move permanent rather than being obliged to complete the purchase.

Meanwhile, defender Tosin Adarabioyo is set to leave Chelsea on a permanent transfer after the two clubs reached an agreement over his move.

Mudryk Gets Chance to Revive Career

Mudryk’s temporary switch to Tottenham provides the 25-year-old with an opportunity to rebuild his career after a difficult period at Stamford Bridge.

The winger arrived at Chelsea with huge expectations but has struggled to establish himself as a consistent first-team player.

His move to Tottenham could give him regular playing time and the chance to demonstrate the qualities that made him one of Europe’s most highly rated young attackers before his move to England.

The presence of Roberto De Zerbi could also prove important. The Tottenham manager is familiar with Mudryk from their time together at Shakhtar Donetsk and is understood to have played a role in Spurs’ decision to pursue the winger.

£75m Option Gives Spurs Flexibility

A major feature of the agreement is the £75m purchase option included in Mudryk’s loan deal.

Tottenham will not be required to pay the £75m at the end of the season.

Instead, the club will be able to assess Mudryk’s performances throughout the campaign before deciding whether to trigger the option and make his move permanent.

That arrangement gives Spurs flexibility while allowing Mudryk an entire season to prove that he can become a long-term asset for the club.

Tosin Set for Permanent Tottenham Move

While Mudryk’s future will remain open until the end of his loan spell, Tosin is expected to make a permanent move to Tottenham.

The centre-back has agreed personal terms with Spurs and is set to complete the remaining formalities before his transfer is finalised.

Tosin’s departure brings an end to his spell at Chelsea, where competition for places in defence has made regular first-team opportunities increasingly difficult to secure.

Tottenham view the experienced defender as an important addition to their defensive options.

Tottenham Complete Late Chelsea Double Swoop

The agreement represents a significant piece of late transfer-window business for Tottenham.

Spurs have moved quickly to secure both players as they look to strengthen their squad and provide De Zerbi with additional options for the new campaign.

Mudryk’s arrival could add pace and attacking width to Tottenham’s frontline, while Tosin provides additional quality and experience in defence.

With the clubs now having reached agreements, attention turns to completing the remaining formalities and medicals before the transfer window closes.

The Deal at a Glance

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