The Federal Government of Nigeria has borrowed a total of 6.17 trillion naira from the domestic debt market within the first six months of 2025, data from the Debt Management Office (DMO) reveal.

The borrowings were mainly raised through Federal Government Bonds, Nigerian Treasury Bills, and Promissory Notes, which constitute part of the country’s total domestic debt structure.

The DMO’s data show that 4.48 trillion naira was raised in the first quarter of 2025, followed by an additional 1.70 trillion naira in the second quarter.

With oil production still below the 1.8 million barrels per day benchmark and non-oil revenues underperforming, the government has increasingly turned to the debt market to sustain its spending commitments.

According to the government’s Medium-Term Expenditure Framework, it plans to raise over 13 trillion naira from the domestic market in 2025 to bridge its budget deficit, a target that may be exceeded if borrowing continues at the current pace.