By Arinzechi Chukwunonso
Nigeria’s total public debt rose to ₦159.28 trillion as of December 31, 2025, marking a steady increase driven largely by domestic borrowing, according to the Debt Management Office.
The latest figures show a quarter-on-quarter rise of ₦5.98 trillion, or 3.9 per cent, from ₦153.29 trillion recorded at the end of September 2025. On a year-on-year basis, the debt stock jumped by ₦14.61 trillion, representing a 10.1 per cent increase from ₦144.67 trillion in December 2024.
In dollar terms, Nigeria’s debt grew from $94.23 billion to $110.97 billion within the one-year period, reflecting the combined impact of fresh borrowings and exchange rate adjustments.
Domestic debt remained the largest component, accounting for 53.27 per cent of the total debt stock. It rose to ₦84.85 trillion in December 2025 from ₦81.82 trillion in September, and from ₦74.38 trillion recorded a year earlier — highlighting the government’s continued reliance on local financing.
The Federal Government retained the dominant share of domestic debt at ₦80.49 trillion, while states and the Federal Capital Territory accounted for ₦4.36 trillion.
External debt also recorded an uptick, reaching ₦74.43 trillion, or 46.73 per cent of the total debt. This represents an increase from ₦71.48 trillion in September 2025 and ₦70.29 trillion in December 2024. In dollar terms, external debt rose to $51.86 billion.
The Federal Government accounted for the bulk of external borrowings at ₦66.27 trillion, with states and the FCT contributing ₦8.16 trillion.
Despite the overall increase, the structure of Nigeria’s debt portfolio remained relatively stable, with a near-even split between domestic and external obligations.
The DMO noted that the December 2025 figures are provisional and were calculated using the Central Bank of Nigeria’s official exchange rate, underscoring the influence of currency movements on the country’s debt profile.
