Nigeria has spent about $2.93bn servicing its Eurobond debts across eight quarters under President Bola Tinubu, an analysis of external–debt data from the Debt Management Office shows.
The payments, covering Q3 2023 to Q2 2025, accounted for 31.5% of the country’s total external-debt service of $9.32bn within the period.

A major concern is the cost of interest: $2.43bn, or 83%, of all Eurobond servicing went to interest charges, while only $500m reduced the principal. Analysts say this highlights the high cost of commercial borrowing and Nigeria’s growing exposure to expensive debt.

The most expensive quarter was Q3 2023, when Nigeria redeemed a maturing Eurobond, pushing Eurobond servicing to $943.66m—about 67.8% of all external-debt payments that quarter.

After a drop in Q4 2023, Eurobond costs rose again through 2024, peaking at $427.72m in Q3. Another spike followed in Q1 2025, with the same amount paid in interest alone.

By June 2025, Nigeria’s Eurobond stock had increased to $17.32bn, up from $15.62bn in 2023—a 10.88% rise.

Despite the growing burden, Nigeria has continued to tap the Eurobond market. The Federal Executive Council approved plans to raise $2.3bn, while a later dual-tranche Eurobond in November brought in $2.35bn at 8.63% and 9.13% interest rates. The issuances attracted record investor demand, with a combined order book of $13bn.

President Tinubu and the DMO said the strong subscription signals investor confidence in Nigeria’s reform agenda. The funds will help finance the 2025 budget and refinance maturing debts.

Analysts offered mixed reactions.
Olatunde Amolegbe of Arthur Stevens Asset Management said Eurobonds remain attractive due to their speed and fewer conditions compared with multilateral loans, but stressed the need for disciplined use and repayment capacity.

Economist Adewale Abimbola also downplayed