Nigeria’s total public debt rose to $103.94 billion, equivalent to N153.29 trillion, as of September 30, 2025, according to fresh figures released by the Debt Management Office (DMO).
The debt office said the conversion of external liabilities to naira was based on the Central Bank of Nigeria (CBN) official exchange rate of N1,474.85 to $1 as of the reference date.
A breakdown of the data shows that external debt stood at $48.46 billion (N71.48 trillion), accounting for 46.63 per cent of the total public debt stock.
Domestic debt, however, remained the larger component at $55.47 billion (N81.82 trillion), representing 53.37 per cent of the country’s total exposure.
The figures indicate a sustained reliance on the domestic market for government borrowing, driven largely by the issuance of bonds and treasury instruments.
Further analysis of the domestic portfolio reveals that Federal Government of Nigeria (FGN) Bonds account for N61.9 trillion, representing about 80 per cent of total domestic debt. Of this, FGN Naira Bonds make up N60.64 trillion, while US dollar-denominated bonds stand at N1.35 trillion.
Nigerian Treasury Bills total N12.68 trillion, accounting for 16.3 per cent of domestic debt, while Sukuk bonds are valued at N1.29 trillion.
At the sub-national level, the Federal Government continues to shoulder the bulk of the debt burden. Federal Government debt stands at $52.76 billion, equivalent to N77.81 trillion, representing 50.76 per cent of total public debt.
States and the Federal Capital Territory (FCT) account for a smaller share, with combined debt of $2.71 billion (N4.00 trillion), contributing 2.61 per cent to the total.
The DMO noted that domestic debt stock for 35 states and the FCT was captured as of September 30, 2025, while the domestic debt stock of Rivers State was recorded as of June 30, 2025.
The higher domestic debt share underscores increased dependence on local investors and financial institutions, including pension funds and banks, as the government continues to finance its obligations through bonds, treasury bills and other instruments in the domestic market.
