Nigeria’s Total Public Debt Rose To ₦159.28 Trillion As Of December 31, 2025

Nigeria’s total public debt rose to ₦159.28 trillion as of December 31, 2025 according to new data released by the Debt Management Office (DMO), highlighting continued reliance on borrowing to finance government spending. The latest figures show that the country’s debt increased from ₦153.29 trillion recorded at the end of September 2025 to ₦159.28 trillion in December 2025. This represents a quarter-on-quarter rise of ₦5.98 trillion, or 3.9%, underscoring sustained fiscal pressures. On a yearly basis, Nigeria’s public debt climbed from ₦144.67 trillion in December 2024, marking an increase of ₦14.61 trillion (10.1%) within one year. In dollar terms, the total debt stock rose to approximately $110.97 billion, up from $103.94 billion in September 2025. A breakdown of the data shows that domestic debt continues to account for the largest share of Nigeria’s total debt profile. Domestic debt stood at ₦84.85 trillion in December 2025, representing about 53.27% of the total debt stock. This reflects an increase from ₦81.82 trillion recorded in September 2025. The Federal Government accounted for the bulk of this figure, holding about ₦80.49 trillion, while states and the Federal Capital Territory made up the remainder. Analysts say the continued reliance on domestic borrowing suggests the government is increasingly turning to local markets to fund budget deficits and infrastructure spending Nigeria’s external debt reached ₦74.43 trillion as of December 2025, accounting for 46.73% of the total debt stock. This marks an increase from ₦71.48 trillion in September 2025 and ₦70.29 trillion recorded a year earlier. In dollar terms, external debt rose to $51.86 billion, reflecting a steady uptick in foreign borrowing.The DMO noted that the December 2025 debt figures are provisional and were calculated using the Central Bank of Nigeria’s official exchange rate of ₦1,435.2571 per dollar, compared to ₦1,474.85/$ used for September 2025 data. This highlights the impact of exchange rate movements on the valuation of Nigeria’s external debt Despite the increase, the overall structure of Nigeria’s debt portfolio remained relatively stable, with a slight tilt toward domestic borrowing.

However, the rising debt burden continues to raise concerns about debt sustainability, fiscal deficits, and increasing debt servicing costs, especially as the government pursues economic reforms and infrastructure investments. Economists warn that while borrowing can support growth, sustained increases without corresponding revenue growth may put additional strain on public finances in the coming years.