Nigeria Plans to Borrow ₦54.7 Trillion Between 2026, 2028 — MTEF

Dec 22, 2025

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Nigeria is set to borrow a total of ₦54.7 trillion over the next three years, according to the 2026–2028 Medium Term Expenditure Framework (MTEF) recently approved by the Federal Government.

A review of the MTEF document shows that the proposed borrowings will span 2026, 2027 and 2028, underscoring the government’s continued reliance on debt to finance budget deficits.

According to the framework, ₦17.8 trillion is projected to be borrowed in 2026, followed by ₦21.1 trillion in 2027, while ₦15.8 trillion is planned for 2028.

The breakdown indicates that in 2026, domestic borrowing will account for ₦14.3 trillion, while ₦3.5 trillion is expected to be sourced from external lenders.
In 2027, domestic borrowings are projected to rise to ₦16.9 trillion, with foreign loans estimated at ₦4.2 trillion.

For 2028, domestic borrowing is expected to decline slightly to ₦12.6 trillion, while external borrowing is projected at ₦3.1 trillion.

The borrowing plan comes amid a steady rise in Nigeria’s public debt profile. Data from the Debt Management Office (DMO) reviewed by SaharaReporters show that the country’s total public debt stood at ₦149.3 trillion as of March 31, 2025, up from ₦144.6 trillion in December 2024.

Between December 2024 and March 2025, domestic debt increased by ₦4.4 trillion, rising from ₦74.3 trillion to ₦78.7 trillion, while external debt rose by ₦350 billion, from ₦70.28 trillion to ₦70.63 trillion.

Further data indicate that Nigeria’s total public debt was ₦144 trillion in December 2024, up from ₦142 trillion in September 2024, reflecting a persistent upward trend.

As of September 2024, external debt stood at ₦68.8 trillion, while domestic debt was ₦73.4 trillion, with the Federal Government accounting for ₦69.2 trillion of domestic obligations and states and the Federal Capital Territory owing ₦4.2 trillion.

The figures show that Nigeria continues to rely heavily on domestic borrowing to finance its debt portfolio, raising concerns over debt sustainability amid sluggish revenue growth and rising debt-servicing costs.