Economy
Nigeria’s public debt hit N152.39tr in June 2025 – DMO
Nigeria’s total public debt stock has climbed to N152.39 trillion as of June 30, 2025, according to the latest figures released by the Debt Management Office (DMO).
The new figure marks an increase of N3.01 trillion or 2.01 per cent from the N149.39 trillion recorded at the end of March 2025. In dollar terms, the debt profile rose from $97.24 billion to $99.66 billion, representing a 2.49 per cent increase within the three-month period.
Nigeria’s external debt stock increased to $46.98 billion (N71.85 trillion) in June 2025, compared to $45.98 billion (N70.63 trillion) in March.
According to the report, the World Bank remains Nigeria’s largest external creditor, with $18.04 billion in outstanding loans — mostly from the International Development Association (IDA). This accounts for about 38 per cent of the country’s total external obligations.
Overall, multilateral lenders accounted for $23.19 billion, representing 49.4 per cent of the external portfolio. Other multilateral partners include the African Development Bank (AfDB), International Monetary Fund (IMF), and the Islamic Development Bank (IsDB).
Bilateral loans totalled $6.20 billion, led by the Export-Import Bank of China (Exim Bank) with $4.91 billion, while smaller exposures were owed to France, Japan, India, and Germany.
Commercial borrowings, mostly through Eurobonds, amounted to $17.32 billion, accounting for 36.9 per cent of Nigeria’s total external debt. The country also owed $268.9 million under syndicated facilities and commercial bank loans.
On the domestic front, total debt rose to N80.55 trillion in June, up from N78.76 trillion in March — an increase of N1.79 trillion or 2.27 per cent.
The report stated that N680,424,712,094.99 of FGN bonds issued to restructure States’ commercial debts is excluded from that amount. Also included under FGN Bonds was a securitized component of Ways and Means financing amounting to N22,719,000,000,000.00. A portion of FGN Bonds issued in foreign currency (converted to naira) accounted for N1,402,905,358,752.50; this figure corresponds to a domestic US Dollar bond of USD 917.405 million, which the DMO notes was converted using a rate of N1,529.2105 per dollar.
Treasury Bills were the second largest instrument, amounting to N12,764,078,815,000.00, which is 16.67 percent of the domestic debt stock.
Other instruments recorded in the DMO report include FGN Sukuk (N1,292,557,000,000.00, or 1.69 percent), FGN Savings Bonds (N91,533,172,000.00, or 0.12 percent), and FGN Green Bond (N62,355,000,000.00, or 0.08 percent).
Promissory Notes (Pnotes), which are non-interest bearing, were reported at N1,731,358,298,643.85, forming 2.26 percent of total domestic debt. Of this amount, the naira-denominated portion was N431,216,797,437.00, while the foreign currency denominated portion (converted to naira) was N1,300,141,501,206.86. The foreign currency portion is composed of USD and GBP elements, converted at the rates of N1,529.2105 per dollar and N2,093.9479 per pound.
Specifically, the DMO noted that the FGN Naira Bonds figures include part of the N7.3 trillion Ways and Means restructured in the first half (H1) of 2025, and that the FGN US Dollar Bond of USD 917,405,000 issued on September 6, 2024 and outstanding as at June 2025 was converted to naira using the Central Bank of Nigeria official exchange rate of 1 USD = N1,529.2105 as at June 30, 2025.
The DMO stated that Promissory Notes which are non-interest bearing instruments and that the foreign-denominated Promissory Notes outstanding (USD 850,069,492 and £98,526 as at June 2025) were converted to naira using the CBN official exchange rates of 1 USD = N1,529.2105 and 1 GBP = N2,093.9479 as at June 30, 2025.
According to the DMO, the Federal Government accounted for N141.08 trillion, representing 92.6 per cent of the total public debt stock. This figure includes N64.49 trillion in external obligations and N76.59 trillion in domestic liabilities.
Subnational governments — comprising the 36 states and the Federal Capital Territory (FCT) — owed a combined N11.32 trillion, or 7.4 per cent of the total debt. Of this amount, $4.81 billion (N7.36 trillion) was external, while N3.96 trillion was domestic.
The launch of the Dangote Petroleum Refinery and Petrochemicals FZE Initial Public Offering on Monday triggered a surge in demand that overwhelmed two popular Nigerian investment platforms, Bamboo and Cowrywise.
Both platforms reported unusually high traffic as retail investors rushed to subscribe to the offer, with some users unable to log into their accounts.
Bamboo announced the access difficulties on X, attributing them to the unexpected volume of traffic generated by investors seeking to participate in the Dangote IPO.
“Hey everyone, we’re getting a much higher than expected traffic trying to get into the Dangote IPO and it’s making it difficult for some users to log into the Bamboo app. We’re working on a fix and it will be up and running shortly,” the platform said.
Cowrywise also acknowledged increased traffic on its platform.
“We’re currently seeing more traffic than usual on the Cowrywise app. Our team is already on it and working to get things back to normal. Thanks for your patience, everyone,” it said in a post on X.
The two platforms are among the approved fintech channels through which investors can subscribe to the Dangote Refinery public offer.
The rush came as the offer opened to investors on Monday, with the public offer seeking to raise about N2.15tn through the sale of 4.1 billion ordinary shares at N525 each.
Investors can subscribe for a minimum of 10 shares, valued at N5,250, a structure designed to encourage broad participation by retail investors.
The Dangote Refinery IPO is one of the largest public share offerings in Africa. The refinery, owned by the Dangote Group, plans to use the proceeds to support expansion and increase its refining capacity.
The offer has generated significant interest among retail investors, following efforts to promote the opportunity as a means of allowing Nigerians and other African investors to own shares in one of the continent’s biggest industrial projects.
The surge in demand highlights the scale of interest in the offer while exposing the pressure that high-demand investment events can place on digital platforms.
The Securities and Exchange Commission had earlier warned investors against unauthorised promotions relating to a purported Dangote Refinery IPO before the formal offer received regulatory approval.
In June, the commission said no application for the IPO had been filed or approved at the time and directed capital market operators to stop accepting deposits or expressions of interest.
Following regulatory approval, the Dangote Refinery public offer was cleared to proceed, with the company publishing a list of approved banks, fintechs, mobile operators and NGX Invest through which investors can subscribe.
See Exchange Rate As Naira Gains 0.07%
The Black Market Dollar-to-Naira Exchange Rate for 14th September 2026 Can Be Accessed Below.
NOTE: The exchange rate changes hourly. It depends on the volume of dollars available and the Demand. This means…you can buy or sell 1 dollar at a certain rate, and the price can change (high or low) within hours.
The official naira black market exchange rate in Nigeria today, including the Black Market rates, Bureau De Change (BDC), and CBN rates.
The exchange rate fluctuates hourly based on the supply and demand of dollars in the market.
What’s the dollar to naira black market today, 14th September 2026?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1390 and buy at ₦1380 on Monday, 14th September, 2026, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Selling Rate ₦1390
Buying Rate ₦1380
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1330
Lowest Rate ₦1326
The pump price of petrol has risen to as high as N1,430 per litre in parts of Abuja following an increase in the wholesale price of Premium Motor Spirit by the Dangote Petroleum Refinery.
The refinery raised its gantry price from N1,265 to N1,350 per litre, representing an N85 or 6.7 per cent increase, as international crude oil prices continued to climb.
The latest adjustment has already triggered fresh increases at filling stations across the Federal Capital Territory, with motorists paying between N1,395 and N1,430 per litre, depending on the outlet.
Checks in Abuja on Sunday showed that MRS filling stations had moved their pump price from N1,350 to N1,395 per litre, while NIPCO increased its price to N1,430. Mobil outlets also raised theirs to N1,400 per litre.
An attendant at an MRS outlet, who spoke on condition of anonymity, said motorists should expect another increase as stations begin receiving products purchased at the new depot price.
“We are currently selling our old stock at N1,395 per litre, but from tomorrow, once the new stock arrives, the price will be higher,” she said.
The development has raised concerns among economists and other stakeholders over its likely effect on transportation, food prices and the wider cost of living.
An economist and development expert, Aliyu Ilias, warned that another increase in petrol prices could push up inflation, arguing that higher fuel costs would eventually be reflected in transportation and production expenses.
Similarly, former Secretary-General of the Organisation of African Trade Union Unity, Owei Lakemfa, urged the Federal Government to strengthen regulation and economic planning to cushion consumers from fluctuations in global crude prices.
Lakemfa argued that domestic petrol prices should not automatically rise whenever geopolitical tensions cause crude prices to increase internationally, stressing that Nigeria’s status as a crude oil producer should give it an advantage in refining and supplying petroleum products locally.
Meanwhile, the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, said marketers had been forced to adjust their pump prices following successive changes in the refinery’s pricing.
Ukadike said the frequent adjustments were creating uncertainty for both petroleum dealers and consumers because the cost of replacing existing stock could change within a short period.
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