World Bank: Nigeria’s External Debt Hits $145bn, Owes China $5.7bn

Nigeria owed China $5.67bn in bilateral loans as of December 2025, making the Asian country its biggest government-to-government creditor, according to the World Bank.

The figure represents approximately 85 per cent of Nigeria’s total $6.68bn bilateral debt to foreign governments, with France ranking second at $774m, while other countries accounted for $237m.

The disclosure was contained in the World Bank’s 2026 International Debt Report, published on Friday, November 6. The report also revealed that Nigeria’s total external debt climbed by 6.6 per cent, rising from $136.05bn in 2024 to $145.02bn in 2025.

Of the country’s $62.4bn public and publicly guaranteed external debt, multilateral lenders accounted for the largest portion at $31.37bn, followed by private creditors with $24.35bn and bilateral lenders with $6.68bn.

The World Bank further disclosed that Nigeria’s external debt had increased from $83.21bn in 2015, representing a 74.3 per cent rise over the decade.

The latest figures emerge as President Bola Tinubu seeks National Assembly approval to secure an additional $7.707bn in external financing to help fund the 2026 budget deficit.

In a letter read by Senate President Godswill Akpabio on Wednesday, Tinubu requested approval for the borrowing, equivalent to approximately N10.79tn at the budget exchange rate of N1,400 per dollar.

The proposed external loan forms part of the N29.2tn borrowing provision in the 2026 budget.

On debt sustainability, the report showed that Nigeria’s external debt-to-exports ratio stood at 212 per cent, while debt servicing accounted for 19 per cent of export earnings.