•Total public debt rose by N4.72tn in three months

Ndubuisi Francis in Abuja

FGN Bonds contributed over N59.796 trillion or 79.85 per cent to the federal government’s N74,887 trillion domestic debt obligations as of the first quarter of 2025 ending March 31, 2025.

The total public debt stock of the federal and state governments as well as the Federal Capital Territory (FCT) also posted 3.3 per cent quarter-on-quarter rise of N4.72 trillion, from N144.67 trillion as of December 31, 2024 to N149.39 trillion by March 31, 2025.

These were contained in the latest public debt figures released by the Debt Management Office (DMO) total debt stock, comprising debt owed by the government at the centre, the 36 states of the Federation and the Federal Capital Territory (FCT).

The DMO data showed that of the N78.56 trillion total domestic debt obligations of the federal and state governments as well as the FCT  as of March 31, 2025, the federal government accounted for the chunk of N74.89 trillion while the balance of N3,869 billion was for the states and FCT.

Looking at the debt instruments that constituted the federal government’s N74.89 trillion domeatic debt obligations, FGN  Bonds accounted for N59.796 trillion or approximately 80 per cent (79.85 per cent of the amount.

While FGN Naira Bonds contributed N58,387 trillion (N58,387, 428,001,592),  FGN US Dollar Bonds accounted for N1,409 trillion (N1,409,423,796,499).

Nigerian Treasury Bills (NTBs) was second among the debt instruments accounting for the federal government’s domestic debt obligations, standing at N12.699 trillion or 16.96 per cent.

 FGN Sukuk was third with N992,557 billion (1.33 per cent) while FGN Savings Bond stood at N82.614 billion or 0.11 per cent during the reference period.

FGN Green Bond was the least as of March 31, accounting for just N15 billion (0.02 per cent).

This debt instrument is expected to rise with the recent issuance of N50 billion Series 111 Sovereign Green Bond by the DMO, which attracted an overscription of N91.42 billion, and the eventual allocation of N47.335 billion to subscribers at a coupon of 18.95 per cent per annum.

Another debt instruments captured as contributing to the FGN domestic debt obligations as of March 31 were Promissory Notes, accounting for N1.301 trillion (N1,301,075,690,085.77) or 1.74 per cent.

Local currency denominated Promissory Notes stood at N271.418 billion (N271,418,810,719) while

foreign currency denominated accounted for N1.029 trillion.

Meanwhile, Jigawa retained its profile as the least indebted state in the country with debt obligations slightly above N1 billion.

 Lagos State remains the most indebted state with N874 billion, followed by Rivers, N364,393 billion and Delta, N204,724 billion.

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