Nigeria's external debt rises to $145 billion, World Bank report says

Nigeria's external debt reached about $145.0 billion in 2025, according to the World Bank's International Debt Report 2026.
The figures
According to reports on Friday, 6 November 2026, the total was 6.6 per cent higher than the year before and about 74 per cent higher than the $83.2 billion recorded in 2015. Public and publicly guaranteed debt made up about $62.4 billion of the total, private debt without government guarantees about $54.5 billion, and short-term debt about $28.1 billion. Multilateral lenders were the biggest creditors of the government, at about $31.4 billion, including about $18.5 billion owed to the World Bank's International Development Association. China remained Nigeria's largest single-country lender, owed about $5.7 billion.
Burden of repayments
Some measures of the debt burden improved: external debt fell to 212 per cent of export earnings and to 51 per cent of gross national income. But debt service took a bigger share of income, rising to 19 per cent of exports and 5 per cent of gross national income.
The global picture
The World Bank said debt service payments by low- and middle-income countries reached $1.4 trillion in 2025, the fifth yearly rise in a row, driven largely by payments to private lenders such as bondholders. It noted that loans from official lenders carried an average interest rate of 1.9 per cent, compared with 9.6 per cent from private creditors.
Why it matters
The figures come as President Bola Tinubu seeks Senate approval for new external borrowing of about $7.7 billion, a request opposition figures, including Atiku Abubakar, have urged lawmakers to reject. The government says borrowing is needed to fund infrastructure and that its reforms are improving the economy.
- External debt rose 6.6% to about $145 billion.
- China is the largest single-country lender.
- Debt service took a bigger share of export earnings.

