Nigeria’s Public Debt Rises to ₦159.28trn in 2025 as Domestic Borrowing Dominates – DMO
Nigeria’s total public debt climbed to ₦159.28 trillion by December 2025, with domestic debt accounting for over 53%, according to the Debt Management Office.
Nigeria’s Debt Profile Expands to ₦159.28trn
Nigeria’s total public debt rose to ₦159.28 trillion as of December 31, 2025, reflecting continued reliance on both domestic and external borrowing to finance government obligations.
Latest figures released by the Debt Management Office (DMO) show that the country’s debt stock increased from ₦153.29 trillion recorded at the end of September 2025, representing a quarter-on-quarter rise of ₦5.98 trillion or 3.9 per cent.
Year-on-Year Growth Signals Rising Fiscal Pressure
On a year-on-year basis, the debt profile expanded by ₦14.61 trillion, or 10.1 per cent, from ₦144.67 trillion in December 2024. In dollar terms, the total debt rose from $94.23 billion to $110.97 billion, indicating an increase of $16.75 billion within the period.
The DMO noted that the December 2025 figures remain provisional and were calculated using the official exchange rate of the Central Bank of Nigeria at ₦1,435.2571 to the dollar, compared to ₦1,474.85/$ used for September 2025 data.
Domestic Debt Remains Dominant
Domestic borrowing continued to account for the largest share of Nigeria’s debt portfolio, standing at ₦84.85 trillion in December 2025. This represents 53.27 per cent of the total public debt.
The figure increased by ₦3.03 trillion, or 3.7 per cent, from ₦81.82 trillion recorded in September 2025. Compared to ₦74.38 trillion in December 2024, domestic debt rose by ₦10.47 trillion, marking a 14.1 per cent year-on-year increase.
In dollar terms, domestic debt climbed to $59.12 billion in December 2025, up from $55.47 billion in September and $48.44 billion a year earlier.
The Federal Government accounted for the bulk of domestic obligations at ₦80.49 trillion, representing over half of the total public debt, while states and the Federal Capital Territory accounted for ₦4.36 trillion.
External Debt Also Records Moderate Increase
Nigeria’s external debt stock stood at ₦74.43 trillion as of December 2025, accounting for 46.73 per cent of the total debt.
This reflects a quarter-on-quarter increase of ₦2.95 trillion from ₦71.48 trillion in September 2025 and a year-on-year rise of ₦4.14 trillion from ₦70.29 trillion recorded in December 2024.
In dollar terms, external debt rose to $51.86 billion, compared to $48.46 billion in September 2025 and $45.78 billion in December 2024.
The Federal Government remained the dominant borrower externally, accounting for ₦66.27 trillion of the total, while states and the FCT held ₦8.16 trillion.
Debt Structure Remains Largely Stable
Despite the increase in total debt, the composition of Nigeria’s debt portfolio remained relatively stable over the period under review.
Domestic debt accounted for 53.27 per cent in December 2025, slightly lower than 53.37 per cent recorded in September 2025 but higher than 51.41 per cent in December 2024. Conversely, external debt stood at 46.73 per cent, compared to 46.63 per cent in September and 48.59 per cent a year earlier.
The figures underscore Nigeria’s sustained dependence on domestic borrowing, even as external obligations continue to grow steadily.