Nigeria’s Public Debt Rose By N14.61tn In 2025 – DMO

Nigeria’s total public debt rose by N14.61 trillion year-on-year to N159.28 trillion as of December 31, 2025, according to the latest data released by the Debt Management Office (DMO).

The figures show that the country’s debt stock increased from N144.67 trillion recorded in December 2024, representing a 10.1% rise over the one-year period.

In dollar terms, Nigeria’s public debt climbed from $94.23 billion in December 2024 to $110.97 billion in December 2025, marking an increase of $16.75 billion.

On a quarter-on-quarter basis, total public debt also rose from N153.29 trillion in September 2025 to N159.28 trillion in December 2025, indicating an increase of N5.98 trillion or 3.9%.

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 N74.38 trillion in December 2024 to N84.85 trillion in December 2025, representing a year-on-year increase of N10.47 trillion or 14.1%. On a quarterly basis, it grew by N3.03 trillion from N81.82 trillion recorded in September 2025.

In dollar terms, domestic debt increased from $48.44 billion in December 2024 to $59.12 billion in December 2025, underscoring Nigeria’s continued reliance on local borrowing to finance fiscal deficits.

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 Sees Moderate Growth

Nigeria’s external debt stood at N74.43 trillion in December 2025, representing 46.73% of total public debt.

This reflects a year-on-year increase of N4.14 trillion from N70.29 trillion recorded in December 2024, as well as a quarter-on-quarter rise of N2.95 trillion from N71.48 trillion in September 2025.

In dollar terms, external debt rose from $45.78 billion in December 2024 to $51.86 billion in December 2025.

The Federal Government accounted for N66.27 trillion of the external debt, while states and the FCT accounted 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 accounted for 53.27% of total debt in December 2025, compared to 51.41% in December 2024, while external debt declined slightly from 48.59% to 46.73% over the same period.

The DMO noted that the December 2025 figures are provisional and were converted using the Central Bank of Nigeria (CBN) official exchange rate of N1,435.2571/$.