Nigeria’s total public debt increased to ₦159.28 trillion as of December 31, 2025, according to fresh data released by the Debt Management Office (DMO).
The figure shows a rise from ₦153.29 trillion recorded at the end of September 2025, reflecting the country’s continued dependence on borrowing to support fiscal operations.
On a quarter-on-quarter basis, the debt stock grew by ₦5.98 trillion, representing a 3.9% increase between September and December 2025.
The DMO explained that the December 2025 figures are provisional and were calculated using the official exchange rate of the Central Bank of Nigeria, pegged at ₦1,435.26 per US dollar, while the September figures were based on ₦1,474.85/$.
Year-on-year, Nigeria’s debt profile rose by ₦14.61 trillion, or 10.1%, up from ₦144.67 trillion in December 2024 to ₦159.28 trillion in December 2025.
In dollar terms, total public debt also expanded significantly, increasing from $94.23 billion to $110.97 billion within the one-year period.
Domestic Debt Dominates Portfolio
Domestic borrowing remained the largest component of the debt structure, rising from ₦81.82 trillion in September 2025 to ₦84.85 trillion in December 2025.
This represents a quarterly increase of ₦3.03 trillion, or 3.7%, and a yearly rise of 14.1% from ₦74.38 trillion recorded in December 2024.
The Federal Government accounted for the bulk of domestic debt with ₦80.49 trillion, representing over half of the total, while states and the Federal Capital Territory (FCT) held ₦4.36 trillion.
External Debt Also Rises
External obligations climbed to ₦74.43 trillion as of December 2025, up from ₦71.48 trillion in September 2025.
This also reflects a year-on-year increase from ₦70.29 trillion in December 2024.
In dollar terms, external debt rose from $48.46 billion in September 2025 to $51.86 billion in December 2025.
The Federal Government remained the dominant external borrower, accounting for ₦66.27 trillion, while states and the FCT contributed ₦8.16 trillion.
Overall, external debt represented 46.73% of the total debt stock, while domestic debt accounted for 53.27%, showing a relatively stable debt composition compared to previous quarters.
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