Nigeria’s total public debt stock rose by N900 billion to N153.29 trillion as of September 30, 2025.
Gatekeepers News reports that, according to data released by the Debt Management Office (DMO), the latest figure represents a 0.59 percent increase from the N152.39 trillion recorded at the end of June 2025.
DMO disclosed that the debt profile comprises both domestic and external obligations owed by the federal government, the 36 states, and the Federal Capital Territory (FCT). A breakdown of the figures shows that domestic debt stood at N81.81 trillion ($55.47 billion), while external debt amounted to N71.47 trillion ($48.46 billion).
According to the report, the federal government accounted for the bulk of domestic borrowing, with its debt rising to N77.81 trillion in the third quarter of 2025, up from N76.58 trillion in the previous quarter. Similarly, the combined domestic debt of the state governments and the FCT increased slightly from N3.96 trillion to N4 trillion within the same period.
The sustained rise in the nation’s debt profile reflects the government’s increasing reliance on borrowing to finance infrastructure projects and bridge widening budget deficits. Nigeria’s 2026 budget deficit is projected at N23.85 trillion, representing about 4.28 percent of the country’s Gross Domestic Product (GDP). DMO also reiterated that public debate around borrowing remains intense, especially amid concerns over fiscal sustainability and revenue generation.
Earlier, the agency dismissed claims that Nigeria’s debt surged from N21 trillion to N142 trillion under President Bola Tinubu, clarifying that the nation’s debt stood at N87 trillion when he assumed office.
