Nigeria’s total public debt rose by N14.61 trillion to N159.28 trillion as of December 31, 2025, according to the latest figures released by the Debt Management Office.
The data shows the country’s debt stock grew 10.1 per cent from N144.67 trillion recorded in December 2024.
In dollar terms, the debt climbed from $94.23 billion to $110.97 billion over the same period, an increase of $16.75 billion.
On a quarter-on-quarter basis, total public debt rose by N5.98 trillion or 3.9 per cent from N153.29 trillion recorded in September 2025.
Domestic debt remained the largest component of Nigeria’s debt stock, accounting for 53.27 per cent of the total. It rose by N10.47 trillion, or 14.1 per cent, from N74.38 trillion in December 2024 to N84.85 trillion in December 2025.
The Federal Government accounted for the bulk of domestic debt at N80.49 trillion, representing 50.53 per cent of total public debt, while states and the Federal Capital Territory accounted for N4.36 trillion.
External debt stood at N74.43 trillion in December 2025, representing 46.73 per cent of total public debt — a year-on-year increase of N4.14 trillion from N70.29 trillion in December 2024. In dollar terms, external debt rose from $45.78 billion to $51.86 billion over the period.
The Federal Government accounted for N66.27 trillion of external debt, with states and the FCT accounting for N8.16 trillion.
Despite the overall increase, the structure of Nigeria’s debt portfolio remained relatively stable, with a slight tilt toward domestic borrowing.
Domestic debt’s share edged up from 51.41 per cent in December 2024 to 53.27 per cent in December 2025, while external debt’s share dipped from 48.59 per cent to 46.73 per cent.
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 to the dollar.