Nigeria’s total public debt increased to N159.28 trillion as of December 31, 2025, according to the latest data released by the Debt Management Office (DMO) on Tuesday, reflecting a steady rise driven largely by domestic borrowing.
The figures show that total public debt rose from N153.29 trillion recorded at the end of September 2025 to N159.28 trillion in December 2025, indicating a quarter-on-quarter increase of N5.98 trillion or 3.9%.
In dollar terms, the debt stock climbed from $103.94 billion to $110.97 billion within the same period.
On a year-on-year basis, Nigeria’s public debt rose from N144.67 trillion in December 2024 to N159.28 trillion in December 2025, marking an increase of N14.61 trillion or 10.1%. In dollar terms, this represents a rise from $94.23 billion to $110.97 billion, an increase of $16.75 billion.
Domestic debt drives quarterly and annual increases
A breakdown of the data shows that domestic debt remained the largest contributor to Nigeria’s total debt stock, accounting for 53.27% as of December 2025.
- Domestic debt rose from N81.82 trillion in September 2025 to N84.85 trillion in December 2025, representing a quarter-on-quarter increase of N3.03 trillion or 3.7%. Compared to December 2024, when domestic debt stood at N74.38 trillion, the figure increased by N10.47 trillion or 14.1% year-on-year.
- In dollar terms, domestic debt rose from $55.47 billion in September 2025 to $59.12 billion in December 2025, and from $48.44 billion in December 2024, highlighting a sustained reliance on the domestic market for financing.
The Federal Government accounted for the bulk of domestic debt at N80.49 trillion, representing 50.53% of total public debt, while states and the Federal Capital Territory accounted for N4.36 trillion.
External debt rises modestly
Nigeria’s external debt stood at N74.43 trillion as of December 2025, representing 46.73% of total public debt.
This reflects a quarter-on-quarter increase of N2.95 trillion from N71.48 trillion in September 2025, and a year-on-year increase of N4.14 trillion from N70.29 trillion recorded in December 2024.
In dollar terms, external debt rose from $48.46 billion in September 2025 to $51.86 billion in December 2025, and from $45.78 billion in December 2024.
The Federal Government continued to dominate external borrowing, accounting for N66.27 trillion of the total external debt, while states and the FCT accounted for N8.16 trillion.
What you should know
Despite the increase in overall debt, the structure of Nigeria’s debt portfolio remained broadly stable, with a slight tilt toward domestic borrowing over the one-year period.
- Domestic debt accounted for 53.27% of total debt in December 2025, compared to 53.37% in September 2025 and 51.41% in December 2024.
- External debt stood at 46.73% in December 2025, compared to 46.63% in September 2025 and 48.59% a year earlier.
- The DMO noted that the December 2025 figures are provisional and were converted using the Central Bank of Nigeria’s official exchange rate of N1,435.2571/$, while the September 2025 figures used N1,474.85/$.
The data highlights a continued expansion in Nigeria’s debt profile, with domestic borrowing playing a central role in financing fiscal gaps, raising ongoing concerns around debt sustainability and fiscal pressures.
