Nigeria’s total public debt rose to N159.28 trillion as of December 31, 2025, according to fresh data from the Debt Management Office (DMO), underscoring a continued upward trend driven largely by domestic borrowing.
The figure reflects a quarter-on-quarter increase of N5.98 trillion (3.9%), up from N153.29 trillion recorded in September 2025. 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, public debt grew by N14.61 trillion (10.1%), rising from N144.67 trillion in December 2024. In dollar terms, this represents an increase of $16.75 billion, from $94.23 billion to $110.97 billion.
Domestic debt continued to account for the largest share of the total, making up 53.27% of Nigeria’s debt profile as of December 2025.
It rose from N81.82 trillion in September 2025 to N84.85 trillion, a quarterly increase of N3.03 trillion (3.7%). Year-on-year, domestic debt expanded by N10.47 trillion (14.1%), from N74.38 trillion in December 2024.
The Federal Government held the bulk at N80.49 trillion, while states and the Federal Capital Territory accounted for N4.36 trillion.
External debt stood at N74.43 trillion, representing 46.73% of total public debt.
This marks a quarterly increase of N2.95 trillion from N71.48 trillion, and a year-on-year rise of N4.14 trillion from N70.29 trillion. In dollar terms, external debt increased to $51.86 billion, from $48.46 billion in September 2025 and $45.78 billion a year earlier.
The Federal Government accounted for N66.27 trillion of external debt, with states and the FCT holding N8.16 trillion.
Nigeria’s debt mix remained relatively stable, with a slight tilt toward domestic borrowing. Domestic debt accounted for 53.27% in December 2025, compared to 53.37% in September 2025 and 51.41% in December 2024, while external debt stood at 46.73%, down from 48.59% a year earlier.
The Debt Management Office noted that the December figures are provisional and were calculated using the Central Bank of Nigeria exchange rate of N1,435.26/$, compared to N1,474.85/$ used for September.
Overall, the data highlights a steady expansion in Nigeria’s debt profile, with domestic borrowing remaining central to financing fiscal deficits, amid persistent concerns over debt sustainability and fiscal pressure.
