Nigeria's External Debt Up $11.4bn Under Tinubu, Hits N166.8tr

Nigeria’s external debt rose by $11.4 billion in the three years since President Bola Ahmed Tinubu took office, climbing from about $43.1 billion to roughly $54.5 billion by June 2026, according to Nairametrics. Domestic debt also jumped from N59.1 trillion to N91.5 trillion over the same period, pushing total public debt to N166.79 trillion as of end‑June 2026.

The increase stems from World Bank policy financing (RESET, ARMOR, HOPE, SPIN and education/resilience packages), a December 2024 $2.2 billion Eurobond issuance, a November 2025 $2.35 billion Eurobond, a $1.8 billion syndicated loan from First Abu Dhabi Bank and a $5 billion derivatives facility (of which $1.5 billion was drawn in June 2026).

The 2026 budget, signed into law earlier this year, authorises N68.32 trillion of spending with a deficit of N31.4 trillion, prompting planned borrowing of N29.2 trillion domestically and N2 trillion via multilateral and bilateral project‑tied loans, plus $6 billion in external loans approved by lawmakers.

With external debt now representing about 39 % of the total public debt stock and domestic debt over 54 %, the Federal Government carries roughly N152.8 trillion of the overall burden. Rising debt service costs could squeeze fiscal space for infrastructure and social spending, while continued reliance on complex derivatives has drawn warnings from the IMF and Fitch over transparency and liquidity risks.

Given these trends, will you consider how higher government borrowing might affect future tax policies, subsidy levels or investment climate in your personal or business decisions?

SOURCE: https://nairametrics.com/2026/09/30/tinubus-adds-11-4-billion-to-nigerias-external-debt-burden/