$912.5 million of Nigeria's external debt sits on four lines with no published loan behind them
Lines in the Debt Management Office's (DMO) external debt stock at 30 June 2026 that could not be traced, in whole or in large part, to a published loan agreement, purpose or terms, from the Public Debt Integrity database.
The DMO’s report of Nigeria’s external debt stock at 30 June 2026 lists US$912.5 million on four lines that Public Debt Integrity could not trace, in whole or in large part, to any published loan agreement, approval, purpose or terms.
Source: Debt Management Office (DMO), Nigeria's External Debt Stock as at June 30, 2026; tracing by Public Debt Integrity (CeFTPI).
Source documents: DMO, Nigeria's External Debt Stock as at June 30, 2026; DMO, Nigeria's External Debt Stock as at December 31, 2025; Public Debt Integrity.
Show the figures
| Line in the DMO report | Amount |
|---|---|
| Afreximbank | 835.78 |
| European Development Fund | 42.00 |
| Standard Chartered | 30.51 |
| BADEA | 4.22 |
Afreximbank. The DMO reports US$835.78 million owed to the African Export-Import Bank at 30 June 2026, up from US$637.82 million at 31 March 2026. Afreximbank had no line of its own in the debt stock at 31 December 2025. No published loan agreement, Federal Executive Council approval or lender release explains the balance, and its date, purpose and terms are not public.
European Development Fund. The DMO reports US$42.00 million under this line, against US$46.08 million at 31 December 2025. The line is not itemized. It may represent drawings on European Investment Bank loans funded from European Development Fund resources, but no official source confirms which loans it covers.
Standard Chartered. The DMO reports US$30.51 million owed to Standard Chartered Bank, against US$4.63 million at 31 December 2025. Fees of US$1.54 million were paid to the bank in 2024, before any balance appeared. No official source names the facility, its purpose or its approval.
BADEA. The DMO reports US$4.22 million owed to the Arab Bank for Economic Development in Africa. The only identified BADEA loan, to Ogun State for a dam, stood at about US$0.20 million at the end of 2021 in Ogun’s audited accounts, so most of the balance is not attributed to any published loan.
The Center for Fiscal Transparency and Public Integrity (CeFTPI) wrote twice to the DMO, setting out some of these red flags and asking for clarification. The DMO acknowledged receipt of the correspondence but, as of 3 November 2026, had not answered the questions asked. Some of the lines may have ordinary explanations.