The Debt Administration Workplace (DMO) has debunked claims that the Federal Authorities of Nigeria (FGN) spent N611.71 billion to service a home US Greenback-denominated bond in March 2025.
The company clarified that the precise quantity used for debt service within the referenced interval was N67.988 billion.
In an announcement issued on Thursday, the DMO described the N611.71 billion determine, which has been circulating in some media reviews, as “incorrect in its entirety”.
DMO acknowledged within the assertion, “The determine printed by the DMO on its web site for Q1, 2025 as Debt Service on the US Greenback-denominated Bond was N67.988 billion and never N611.71 billion. The determine of N611.71 billion quoted by some analysts is the Debt Service for all excellent FGN Bonds (excluding the US Greenback-denominated Bond).
“For the avoidance of Doubt, the Q1 2025 Home Debt Service determine printed on the DMO’s web site for Federal Authorities of Nigeria Bonds within the month of March 2025 was N611.71 billion. In the identical Report and on a separate line, the Debt Service for Home FGN US Greenback Bond for March 2025 was N67.988 billion,” the company famous.
The DMO famous additional that opposite to some claims, no quantity was repaid as principal reimbursement on the US Greenback Bond.
“The Bond is to be repaid in full at maturity in 2029”, the DMO acknowledged.
Nigeria’s complete public debt rose to N149.39 trillion as of March 31, 2025, marking a year-on-year enhance of N27.72 trillion or 22.8% when in comparison with the N121.67 trillion recorded within the corresponding interval of 2024.
The home part of Nigeria’s debt additionally maintained an upward development, reaching N78.76 trillion on the finish of March 2025.
This displays a year-on-year enhance of N13.11 trillion or 20% from N65.65 trillion in March 2024. On a quarterly foundation, home debt rose by N4.38 trillion or 5.9%, up from N74.38 trillion in December 2024.
The Federal Authorities alone accounted for N74.89 trillion of this complete, whereas the 36 states and the Federal Capital Territory (FCT) collectively held N3.87 trillion. Curiously, state-level home debt declined barely from N3.97 trillion in This fall 2024 and from N4.07 trillion in Q1 2024, settling at N3.87 trillion by the top of March 2025.
Nigeria’s exterior debt as of March 31, 2025, stood at N70.63 trillion ($45.98 billion), a major soar from N56.02 trillion ($42.12 billion) in the identical interval in 2024.
