FGN Bonds contributed over ₦59.796 trillion or 79.85 per cent to the Federal Government’s ₦74.89 trillion domestic debt obligations as of the first quarter of 2025, ending March 31, 2025.
This was revealed in the latest public debt report released by the Debt Management Office (DMO), showing a growing reliance on bond instruments to finance government obligations.
The data also indicated that the total public debt stock, which includes the combined debt of the Federal Government, 36 states, and the Federal Capital Territory (FCT), rose by ₦4.72 trillion. This reflects a 3.3 per cent quarter-on-quarter increase — from ₦144.67 trillion as of December 31, 2024, to ₦149.39 trillion by March 31, 2025.
According to the DMO, of the ₦78.56 trillion total domestic debt, the Federal Government was responsible for ₦74.89 trillion, while the states and the FCT collectively owed ₦3.869 trillion.
Analysts note that the federal government’s continued preference for FGN bonds underscores its dependency on long-term debt instruments to manage fiscal gaps and infrastructure financing, despite increasing debt servicing pressures.
