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 ₦5.98tn on a quarter-on-quarter basis, representing a 3.9 per cent 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’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 ₦14.61tn or 10.1 per cent, rising from ₦144.67tn in December 2024 to ₦159.28tn 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 ₦81.82tn in September 2025 to ₦84.85tn in December 2025.
This represents a quarter-on-quarter increase of ₦3.03 trillion or 3.7 per cent. On a yearly basis, domestic debt grew from ₦74.38 trillion in December 2024, indicating a ₦10.47 trillion or 14.1 per cent 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.
FG Holds Bulk Of Domestic Debt
PrimeTimes Nigeria observed that a breakdown of the figures showed that the Federal Government accounted for ₦80.49 trillion of the domestic debt, representing 50.53 per cent of the total public debt.
In contrast, states and the Federal Capital Territory accounted for ₦4.36 trillion.
External Debt Rises To ₦74.43 Trillion
Nigeria’s external debt stood at ₦74.43tn as of December 2025, representing 46.73 per cent of the total public debt.
This marks an increase of ₦2.95tn from ₦71.48tn 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 ₦8.16tn.
Despite the increase in overall debt, the structure of Nigeria’s debt portfolio remained relatively stable.
Domestic debt accounted for 53.27 per cent of total debt 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 in December 2025, compared to 46.63 per cent in September 2025 and 48.59 per cent a year earlier.