The Federal Government has spent about $2.93bn servicing Eurobond debt across eight quarters under President Bola Tinubu, according to an analysis of external debt-service records published by the Debt Management Office.
The data, covering Q3 2023 to Q2 2025, show that Eurobond obligations alone accounted for 31.5 per cent of Nigeria’s total external debt service of $9.32bn over the two years.
More striking is the structure of the payments: interest charges consumed $2.43bn out of the $2.93bn spent on Eurobonds, meaning that 83 per cent of all Eurobond servicing in the period went to interest rather than principal.
This reflects the costliness of Nigeria’s dependence on commercial borrowing and suggests that expensive debt will remain a major burden on government finances for several years.
Tinubu assumed office in May 2023, making Q3 2023 the first full quarter under his administration. That quarter was also the most expensive within the two-year window, as Nigeria redeemed a maturing Eurobond.
The country paid a total of $943.66m in Eurobond obligations in Q3 2023, comprising a $500m principal redemption and $443.66m in interest.
