Nigeria’s total domestic debt service reached N1.707 trillion in the second quarter of 2025 (April–June), according to new figures released by the Debt Management Office (DMO).
Data on the agency’s official website shows that the Federal Government spent N1.686 trillion on interest payments across multiple instruments and N20.14 billion on principal repayments, bringing total domestic debt servicing to over N1.7 trillion for the quarter.
The report indicated that Federal Government Bonds (FGN Bonds) and Nigerian Treasury Bills (NTBs) accounted for the largest share of the debt service, reflecting the government’s continued reliance on domestic borrowing to fund budget deficits.
An analytical breakdown showed that the government spent N537.9 billion servicing NTBs — N254.12 billion in April, N169.39 billion in May, and N114.39 billion in June.
FGN Bonds remained the biggest component, totaling N1.074 trillion for the three months — N502.66 billion in April, N252.54 billion in May, and N318.84 billion in June.
Payments on the FGN Savings Bond amounted to N3.19 billion, while FGN Sukuk bonds attracted N70.72 billion in payments, largely driven by a N43.26 billion settlement in June. The government also paid N1.08 billion for its environmental Green Bonds in June.
Meanwhile, N20.14 billion was expended as principal repayment on Naira-denominated Promissory Notes, while no payments were made on foreign currency promissory notes.
Debt servicing peaked in April 2025 at N805.31 billion, dropped to N423.10 billion in May, and rose again to N478.67 billion in June.
The DMO further revealed that Nigeria’s total domestic debt stock climbed to N76.59 trillion as of mid-2025, with FGN Bonds accounting for N60.65 trillion, or 79.18 percent of the total.
The data underscores Nigeria’s persistent dependence on bonds and treasury bills to finance its fiscal shortfalls amid revenue challenges.