Nigeria’s total public debt rose to ₦159.28 trillion as of December 31, 2025, according to the latest data released by the Debt Management Office (DMO) on Tuesday.
The figure represents an increase from the ₦ 153.29 trillion recorded at the end of September 2025, underscoring the country’s growing reliance on borrowing to finance its fiscal obligations.
Analysis of the data shows that the debt stock increased by ₦5.98tr on a quarter-on-quarter basis, representing a 3.9% rise between September and December 2025.
The DMO, however, noted that the December 2025 figures are provisional and were calculated using the Central Bank of Nigeria (CBN)’s official exchange rate of ₦1,435.2571 to the dollar, while the September figures were based on ₦1,474.85/$.
On a year-on-year basis, Nigeria’s public debt surged by ₦14.61tr or 10.1%, rising from ₦144.67tr in December 2024 to ₦159.28tr in December 2025.
In dollar terms, the debt stock also increased significantly from $94.23bn to $110.97bn, reflecting a rise of $16.75bn within the one-year period. Domestic debt continued to account for the largest share of the total debt profile, rising from ₦81.82tr in September 2025 to ₦84.85tr in December 2025. On a yearly basis, domestic debt grew from ₦74.38tr in December 2024, indicating a ₦10.47 trillion or 14.1% increase.
In dollar terms, domestic debt rose from $55.47bn in September 2025 to $59.12bn in December 2025, up from $48.44bn recorded in December 2024, highlighting sustained dependence on the domestic market for financing.
It was observed that a breakdown of the figures showed that the Federal Government accounted for ₦80.49 trillion of the domestic debt, representing 50.53% of the total public debt. In contrast, states and the Federal Capital Territory accounted for ₦4.36 trillion.
Nigeria’s external debt stood at ₦74.43tr as of December 2025, representing 46.73% of the total public debt. This marks an increase of ₦2.95tn from ₦71.48tr recorded in September 2025, and a ₦4.14tn rise from ₦70.29tn in December 2024. In dollar terms, external debt increased from $48.46bn in September 2025 to $51.86bn in December 2025, and from $45.78bn in December 2024.
The Federal Government also maintained dominance in external borrowing, accounting for ₦66.27tn of the total external debt, while states and the FCT accounted for ₦8.16trillion.
Despite the increase in overall debt, the structure of Nigeria’s debt portfolio remained relatively stable. Domestic debt accounted for 53.27% of total debt in December 2025, slightly lower than 53.37% recorded in September 2025 but higher than 51.41% in December 2024.
Conversely, external debt stood at 46.73% in December 2025, when compared to 46.63% in September 2025 and 48.59% a year earlier.
