The Federal Government has spent approximately $2.93 billion on servicing Eurobond debt over eight quarters under President Bola Tinubu, according to Debt Management Office records.

The data, spanning Q3 2023 to Q2 2025, show that Eurobond repayments made up 31.5 percent of Nigeria’s total external debt service of $9.32 billion during this period.

Notably, interest payments dominated the Eurobond outlay, with $2.43 billion, about 83 percent of the total, going to interest rather than principal.

This highlights the high cost of Nigeria’s reliance on commercial borrowing and indicates that expensive debt will continue to weigh heavily on government finances for years to come.

President Tinubu assumed office in May 2023, making Q3 2023 the first full quarter of his administration.

That quarter was also the costliest within the two-year period, as Nigeria redeemed a maturing Eurobond.

In Q3 2023, the country paid $943.66 million on Eurobond obligations, including a $500 million principal repayment and $443.66 million in interest. With total external-debt servicing at $1.39 billion for the quarter, Eurobonds alone accounted for 67.8 percent of Nigeria’s foreign-debt bill.

This remains the quarter with the largest Eurobond share under the Tinubu administration. In Q4 2023, Eurobond servicing dropped sharply, as no principal was due.

The government paid $148.57 million, all interest, while total external-debt servicing amounted to $943.17 million, meaning Eurobonds represented just 15.8 percent of the quarter’s total.