Nigeria’s external debt hits $54.5bn, up $11.4bn under Tinubu

•States’ domestic liabilities swell to N4.59trn as Lagos, Delta lead
By Uche Usim
Nigeria’s external debt stock has risen by about $11.4 billion since President Bola Tinubu assumed office in 2023.
Analysis shows that it swelled from about $43.1 billion to $54.5 billion as of June 2026.
The increase accentuates the federal government’s preference for foreign borrowing to finance economic reforms, budget deficits and development programmes.
The debt rise has been driven largely by increased borrowing from multilateral lenders, particularly the World Bank, as well as Eurobond issuances and syndicated financing.
Nigeria’s debt to the World Bank rose from about $15.4 billion to...