Nigeria is projected to borrow a total of ₦54.7 trillion over the next three years, according to a review of the Federal Government’s recently approved Medium Term Expenditure Framework (MTEF) for 2026–2028.
The MTEF document shows that the government plans to raise ₦17.8 trillion in new loans in 2026, followed by ₦21.1 trillion in 2027, and ₦15.8 trillion in 2028, bringing the cumulative borrowing for the period to ₦54.7 trillion.
A breakdown of the projections indicates that domestic borrowing will account for the larger share. In 2026, domestic loans are estimated at ₦14.3 trillion, while ₦3.5 trillion is expected from foreign sources. For 2027, domestic borrowing is projected to rise to ₦16.9 trillion, with external borrowing estimated at ₦4.2 trillion. In 2028, domestic borrowing is expected to decline to ₦12.6 trillion, alongside ₦3.1 trillion in international loans.
The borrowing plans come amid a steady rise in Nigeria’s public debt profile. Data from the Debt Management Office (DMO) show that the country’s total public debt increased to ₦149.3 trillion as of March 31, 2025, up from ₦144.6 trillion in December 2024.
During the three-month period, domestic debt rose by ₦4.4 trillion, increasing from ₦74.3 trillion to ₦78.7 trillion, while external debt grew by ₦350 billion, from ₦70.28 trillion to ₦70.63 trillion.
Earlier figures also show a consistent upward trend. Nigeria’s total public debt stood at ₦144 trillion in December 2024, compared to ₦142 trillion in September 2024. As of September 2024, domestic debt amounted to ₦73.4 trillion, while external debt stood at ₦68.8 trillion.
At that time, the Federal Government accounted for ₦69.2 trillion in domestic debt, with states and the Federal Capital Territory owing ₦4.2 trillion. Similar figures were recorded in June 2024, when Nigeria’s total public debt stood at ₦134.2 trillion, comprising ₦71.2 trillion in domestic debt and ₦63 trillion in external obligations.
The data indicate that Nigeria continues to rely heavily on domestic borrowing to finance its fiscal needs, even as its overall debt burden steadily increases.
