Nigeria’s public debt could climb to ₦160.6 trillion by the end of 2025, according to a new economic outlook by CSL Stockbrokers Limited, a subsidiary of FCMB Group.
The report forecasts that the Federal Government may borrow at least ₦9.3 trillion in the second half of the year to plug a widening fiscal deficit. If realised, total public debt would reach 50.2% of the country’s pre-rebased GDP.
Also Read: Minister Of Finance Says FG Spent 80.6% Of Revenue On Debt Servicing From Jan-Nov 2022
CSL notes that the fiscal outlook remains fragile, with oil output underperforming and tax reform plans delayed. Average oil production between January and May stood at just 1.67 million barrels per day—well below the 2.06 million target.
Oil prices have also fallen short of projections, averaging \$70.82 per barrel against a $75 benchmark.
Efforts to raise revenue through VAT hikes have stalled in parliament, while tax reform implementation has been deferred to 2026. NNPC is also remitting only half of fuel subsidy savings.
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