By Juliet Ezeh
Nigeria recorded its highest external debt repayment in November 2025, when the country paid about $1.31bn to service foreign loans, according to new data released by the Central Bank of Nigeria.
The figure represented the largest single-month debt service payment in the year and accounted for the bulk of the country’s international financial outflows for the month.
Data published by the apex bank showed that Nigeria’s total international payments in November stood at $1.49bn, meaning that external debt service alone represented almost the entire outflow recorded during the period.
The spike in repayments reflects the maturity schedule of Nigeria’s external loans, which often require larger payments at specific times of the year depending on bond and loan obligations.
Across the year, Nigeria’s debt servicing pattern fluctuated significantly. For instance, the country paid about $632.36m in March 2025 out of total international payments of $786.86m.
Other notable repayments included $557.79m in April and $542.70m in September, while relatively lower figures were recorded in the middle of the year.
In June 2025, Nigeria spent about $143.39m on external debt service, one of the smallest repayments during the year, while July recorded $179.95m and August $302.30m.
Financial analysts say such fluctuations reflect the structure of sovereign debt instruments, where repayment obligations depend on when loans mature or when coupon payments are due.
Earlier projections by Fitch Ratings had anticipated a rise in Nigeria’s external debt service for the year.
The rating agency projected that the country’s external debt service would increase to about $5.2bn in 2025, partly driven by amortisation payments and the repayment of a Eurobond obligation.
According to Fitch, Nigeria’s external debt service obligations include several loan repayments and bond payments scheduled at different times, which can lead to periodic spikes in payment levels.
Experts have noted that while Nigeria’s debt service remains within manageable levels, the concentration of large repayments in certain months could place pressure on the country’s foreign exchange reserves and fiscal management.
Juliet Ezeh is the founder and chief reporter at Westbridge Reporters with over 7 years of experience in journalism. She covers crime, industry, policy, and social developments, delivering timely and accurate reporting.