By Ayo Kehinde
Nigeria’s total public debt rose to N159.28 trillion as of December 31, 2025, according to the Debt Management Office (DMO), highlighting continued reliance on domestic financing to fund fiscal gaps.
The latest figures show a quarter-on-quarter increase of N5.98 trillion, or 3.9 percent, from N153.29 trillion recorded at the end of September 2025. In dollar terms, the debt stock grew from $103.94 billion to $110.97 billion within the same period.
On a year-on-year basis, public debt climbed by N14.61 trillion, or 10.1 percent, from N144.67 trillion in December 2024. This translates to a rise from $94.23 billion to $110.97 billion.
Domestic debt remained the largest component, accounting for 53.27 percent of total debt. It increased to N84.85 trillion in December 2025 from N81.82 trillion in September, and from N74.38 trillion a year earlier.
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 percent of the total.
This reflects a quarterly increase from N71.48 trillion and a year-on-year rise from N70.29 trillion. In dollar terms, external debt rose to $51.86 billion.
The Federal Government accounted for N66.27 trillion of external debt, with states and the FCT responsible for N8.16 trillion.
Overall, Nigeria’s debt structure remained relatively stable, though slightly tilted toward domestic borrowing.
The DMO noted the figures are provisional and were calculated using the Central Bank of Nigeria official exchange rate of N1,435.2571/$.
The data underscores persistent debt growth and ongoing concerns about fiscal sustainability
