FGN bonds account for 79% of domestic debt stock

The Debt Management Office has disclosed that Federal Government of Nigeria bonds accounted for 79.85 per cent of the total domestic debt stock, which stood at N74.89 tn as of March 31, 2025.

The figure was contained in the latest domestic debt report released recently by the DMO.

According to the breakdown, FGN bonds amounted to N59.8tn, comprising N58.39tn in naira-denominated bonds and N1.41tn in US dollar-denominated bonds. The dollar bond figure includes a USD 917.4m issuance in September 2024, converted to naira at an exchange rate of N1,536.32 per dollar, as applied by the Central Bank of Nigeria as of March 31, 2025.

The report also showed that Nigerian Treasury Bills made up 16.96 per cent of the total domestic debt stock, amounting to N12.7tn, while FGN Sukuk stood at N992.6bn, representing 1.33 per cent.

FGN Savings Bonds contributed N82.6bn, or 0.11 per cent, and Green Bonds stood at N15bn, or 0.02 per cent.

Promissory notes totalled N1.3tn, accounting for 1.74 per cent of the total, with N1.03tn denominated in foreign currency and N271.4bn in local currency. The foreign currency portion was converted using the official exchange rate of N1,536.32 per dollar.

The DMO also noted that the N74.89 tn domestic debt stock includes N22.72 tn in bonds issued to restructure the Central Bank of Nigeria’s Ways and Means Advances.