Nigeria’s external debt has climbed to $145.02 billion, with China holding the largest share of its bilateral loans.
The latest figures also show that Nigeria owes China $5.67 billion in government-to-government borrowing.
The World Bank disclosed this in its 2026 International Debt Report, published on November 6.
The report showed that Nigeria’s total external debt increased by 6.6 per cent in 2025.
China accounts for about 85 per cent of Nigeria’s $6.68 billion bilateral debt. France follows with $774 million, while other countries hold the remaining $237 million.
The World Bank report showed that Nigeria’s external debt increased from $136.05 billion in 2024. It reached $145.02 billion in 2025, representing a rise of nearly $9 billion.
The country’s external debt has also grown significantly over the past decade. It stood at $83.21 billion in 2015, showing a 74.3 per cent increase by 2025.
Of Nigeria’s $62.4 billion public and publicly guaranteed external debt, multilateral lenders account for $31.37 billion. Private creditors hold $24.35 billion, while bilateral lenders account for $6.68 billion.
The debt figures come as President Bola Tinubu seeks National Assembly approval for another external loan. He requested permission to borrow $7.707 billion to help finance the 2026 budget deficit.
Senate President Godswill Akpabio read the president’s request in the Senate on Wednesday. The proposed borrowing is equivalent to about ₦10.79 trillion at the budget exchange rate.
The loan forms part of the ₦29.2 trillion borrowing provision in the 2026 budget.
The report also highlighted Nigeria’s debt burden compared with its export earnings. Nigeria’s external debt-to-exports ratio stood at 212 per cent.
Meanwhile, debt servicing consumed 19 per cent of the country’s export earnings. This means a significant share of export income goes towards paying debt obligations.
The latest figures place Nigeria external debt burden under renewed focus as the government considers additional borrowing.
