FGN Bonds Dominate Nigeria’s Domestic Debt, Account for Nearly 80%

The Debt Management Office (DMO) has revealed that Federal Government of Nigeria (FGN) bonds constituted 79.85% of the country’s total domestic debt stock, which stood at ₦74.89 trillion as of March 31, 2025.

According to the latest domestic debt report, FGN bonds amounted to ₦59.8 trillion, comprising ₦58.39 trillion in naira-denominated bonds and ₦1.41 trillion in US dollar-denominated bonds. The dollar component includes a $917.4 million bond issued in September 2024, converted at an exchange rate of ₦1,536.32 per dollar.

The report further indicated that Nigerian Treasury Bills made up 16.96% of the total domestic debt, standing at ₦12.7 trillion, while FGN Sukuk accounted for ₦992.6 billion or 1.33%.

Read Also:

• Bank Officials Advocate Dialogue Over N200bn USSD Debt
• Banks Settle USSD Debt to Maintain Service

FGN Savings Bonds contributed ₦82.6 billion, representing 0.11%, and Green Bonds amounted to ₦15 billion, or 0.02%. Promissory notes stood at ₦1.3 trillion, of which ₦1.03 trillion was in foreign currency and ₦271.4 billion in naira, also converted using the same exchange rate.

The DMO also confirmed that the domestic debt stock includes ₦22.72 trillion in bonds issued to restructure the Central Bank of Nigeria’s Ways and Means Advances.