The Federal Government spent N611.71bn in March 2025 to service its first-ever domestic US Dollar-denominated bond, marking a significant fiscal milestone and raising concerns about the growing weight of foreign currency-linked obligations in Nigeria’s public debt profile.
According to the latest data from the Debt Management Office, this single repayment accounted for 23.44 per cent of the N2.61tn total domestic debt service obligations recorded in the first quarter of 2025. The bond, introduced in August 2024 under the $2bn Domestic FGN US Dollar Bond Programme, raised over $900m from local investors and was the first of its kind to be issued domestically in foreign currency