Nigeria risks seeing its total public debt soar to ₦160.6 trillion by December 2025 after the Federal Government announced plans to borrow an additional ₦9.3 trillion in the second half of the year, according to CSL Stockbrokers Limited’s H2 economic outlook report. The fresh borrowing is part of an effort to close a widening fiscal gap driven by sluggish oil revenues and delayed tax reforms.
According to the sources, as of March 31, 2025, Nigeria’s debt stock stood at ₦149.39 trillion, a 22.8% increase from the same period in 2024. CSL warns that without a sharp improvement in revenue mobilisation, the government will have little choice but to rely heavily on both domestic and foreign markets particularly through a planned $25 billion bond programme to bridge the budgetary shortfall.
This outlook casts a spotlight on Nigeria’s fiscal vulnerabilities. With borrowing set to drive the debt-to-GDP ratio above the 50% mark, sustainable debt management and urgent reforms in revenue generation are now critical to avoid debt distress and ensure long-term macroeconomic stability.
