Latest DMO figures show steady increase driven by domestic borrowing, with external debt also edging higher…..
Nigeria’s total public debt has risen to ₦159.28 trillion as of December 31, 2025, according to newly released data from the Debt Management Office (DMO), underscoring the government’s continued reliance on borrowing to finance its obligations.
The latest figure marks an increase from ₦153.29 trillion recorded at the end of September 2025, reflecting a quarter-on-quarter rise of ₦5.98 trillion, or 3.9%. On a year-on-year basis, the country’s debt grew by ₦14.61 trillion, representing a 10.1% jump from ₦144.67 trillion in December 2024.
In dollar terms, Nigeria’s total debt stock also expanded significantly, rising from $94.23 billion to $110.97 billion within the same period, an increase of $16.75 billion.
The DMO noted that the December figures remain provisional and were calculated using the Central Bank of Nigeria (CBN) official exchange rate of ₦1,435.2571 to the dollar, compared to ₦1,474.85 used for September data.
Domestic borrowing continues to account for the largest share of Nigeria’s debt profile. Domestic debt rose to ₦84.85 trillion in December 2025 from ₦81.82 trillion in September, a quarterly increase of ₦3.03 trillion. Compared to ₦74.38 trillion recorded in December 2024, this represents a year-on-year rise of ₦10.47 trillion, or 14.1%.
In dollar terms, domestic debt increased from $55.47 billion in September to $59.12 billion in December, up from $48.44 billion a year earlier highlighting sustained dependence on the local debt market.
A breakdown shows that the Federal Government holds the majority of domestic debt at ₦80.49 trillion, accounting for over half of the total public debt, while states and the Federal Capital Territory collectively account for ₦4.36 trillion.
External debt also recorded an upward trend, reaching ₦74.43 trillion as of December 2025, representing 46.73% of the total debt stock. This reflects an increase of ₦2.95 trillion from ₦71.48 trillion in September, and ₦4.14 trillion higher than the ₦70.29 trillion recorded in December 2024.
In dollar terms, external debt rose from $48.46 billion in September 2025 to $51.86 billion in December, compared to $45.78 billion a year earlier.
The Federal Government again accounted for the largest share of external borrowing at ₦66.27 trillion, while states and the FCT held ₦8.16 trillion.
Despite the steady rise in borrowing, the overall structure of Nigeria’s debt portfolio has remained relatively stable. Domestic debt accounted for 53.27% of the total in December 2025, only slightly lower than 53.37% in September but higher than 51.41% recorded a year earlier. External debt stood at 46.73%, compared to 46.63% in September and 48.59% in December 2024.
The figures reflect a consistent pattern in Nigeria’s debt strategy, with authorities maintaining a balance between domestic and external sources while navigating fiscal pressures and economic challenges.
