Nigeria Plans to Borrow ₦54.7 Trillion Between 2026, 2028 — MTEF
By Bala Salihu Dawakin Kudu- Abuja
22, December 2025
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.
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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.
(Democracy Newsline Newspaper, December 22ND 2025)
