Nigeria’s total public debt stock rose to US$103.94 billion, equivalent to about N153.29 trillion, as of September 30, 2025.
This is according to the latest data from the Debt Management Office (DMO).
The DMO stated that the Central Bank of Nigeria’s official exchange rate of US$1 to N1,474.85 as of September 30, 2025, was used to convert external debt into naira.
The DMO data shows that Nigeria’s external debt stock stands at US$48.46 billion, equivalent to about N71.48 trillion, representing 46.63% of total public debt.
Also, the data shows that domestic debt stock rose to US$55.47 billion, or about N81.82 trillion, accounting for 53.37% of the country’s total exposure.
What the data is saying
The latest DMO data shows that domestic debt now constitutes the larger portion of Nigeria’s total public debt profile. This reflects sustained issuance of government securities in the local market.
- Total public debt stands at US$103.94 billion, equivalent to N153.29 trillion.
- External debt amounts to US$48.46 billion (N71.48 trillion), representing 46.63 % of the total.
- Domestic debt stands at US$55.47 billion (N81.82 trillion), accounting for 53.37 % of total public debt.
- FGN Bonds account for N61.9 trillion of domestic debt, representing about 80% of the domestic portfolio.
Within the domestic debt category, FGN Naira Bonds account for N60.64 trillion, while US dollar-denominated bonds account for N1.35 trillion. Nigerian Treasury Bills amount to N12.68 trillion, representing 16.3 percent of total domestic debt, while Sukuk bonds are valued at N1.29 trillion.
More Insights
A breakdown of the public debt by tiers of government shows that the Federal Government continues to account for the bulk of Nigeria’s debt exposure. States and the Federal Capital Territory (FCT) contribute smaller portion.
- Debt owed by the Federal Government stands at US$52.76 billion, equivalent to about N77.81 trillion, representing 50.76 percent of total public debt.
- Debt owed by states and the FCT amounts to US$2.71 billion, or about N4.00 trillion, contributing 2.61 percent of the total.
- “Domestic Debt Stock for 35 States and Federal Capital Territory were as at September 30, 2025, while Domestic Debt Stock of Rivers State was at June 30, 2025,” DMO noted.
- The heavier domestic share suggests stronger reliance on local investors and financial institutions, including pension funds and banks.
Borrowings are largely raised through government bonds, treasury bills, and other instruments issued in the domestic market.
What you should know
The DMO released the Q3 2025 domestic debt data shortly after Nairametrics published a report titled “Why is DMO hoarding Public Debt data?” which questioned the delay in the agency’s disclosure.
Prior to this release, the agency had not published Nigeria’s public debt data as of September 2025.
Nairametrics previously reported that Nigeria’s total public debt has climbed to N152.40 trillion as of June 30, 2025, up from N149.39 trillion at the end of March.
