Federal Government of Nigeria’s External Debt Stock as of March 2021

As of March 2021, the Federal Government of Nigeria’s External Debt Stock stood at $32.9 billion. Following President Muhammadu Buhari’s request to the Senate to approve $6.183 billion in May 2021, we give you the breakdown of the nation’s External Debt Stock by category.

Source:

Debt Management Office of Nigeria

Period:

2021
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Three African countries are projected to have debt exceeding their GDP in 2026
  • Sudan is projected to have Africa’s highest debt-to-GDP ratio in 2026, at 169.1%.
  • Only three African countries are projected to owe more than the size of their economies in 2026.
  • Senegal and Mozambique join Sudan among countries with debt-to-GDP ratios above 100%.
  • Africa’s average government debt-to-GDP ratio is projected at 60.7% in 2026.
  • Nigeria’s projected debt-to-GDP ratio of 32.3% is far below the African average.
Every food item tracked has at least doubled in price since May 2023
  • Every comparable food item tracked is now at least twice as expensive as it was in May 2023.
  • Nearly half of the selected food items have more than tripled in price since the month before fuel subsidy removal.
  • Unripe plantain recorded the steepest increase, rising by 469% between May 2023 and April 2026.
  • Ripe plantain, yam tuber, and fresh tilapia also saw extreme increases of more than 300%.
  • Even the slowest-rising staples, including frozen chicken, beans, gari, and maize, still more than doubled in price.
Healthy diet costs rose fastest in Nigeria’s North-West over two years
  • Healthy diet costs rose 49% nationally in two years.
  • North-West states recorded the fastest increases.
  • All seven North-West states rose above the national average.
  • Katsina and Kogi recorded the steepest increases, at 98%.
  • Akwa Ibom had the lowest increase, at 5%.
One adult’s monthly healthy diet takes two-thirds of minimum wage
  • One adult’s healthy diet takes 66% of Nigeria’s minimum wage.
  • The national average monthly cost is about ₦46,230 per adult.
  • Ekiti has the highest burden, at 90% of minimum wage.
  • Six states require over 80% of minimum wage for one adult’s healthy diet.
  • Adamawa has the lowest burden, at 43%.
GTCO turned ₦40 of every ₦100 earned into profit
  • GTCO had the strongest profit conversion in 2025.
  • GTCO turned about ₦40 of every ₦100 earned into profit.
  • Stanbic IBTC followed with about ₦34 profit per ₦100 earned.
  • Zenith made the highest profit, but not the strongest conversion.
  • First HoldCo had the weakest profit conversion among the banks reviewed.
 
Jaiz Bank spent the highest share of revenue on staff among NGX-listed banks
Jaiz Bank spent the highest share of revenue on staff in 2025. Jaiz spent nearly ₦18 on staff for every ₦100 of revenue. ETI and UBA followed with the next highest staff-cost-to-revenue ratios. GTCO had the lowest staff-cost burden among the listed banks. ETI spent the most in absolute staff costs, at ₦782.8 billion.
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