Nigeria’s total public debt rose to N153.29 trillion as of September 30, 2025, reflecting a N900 billion increase from the N152.39 trillion recorded in June, according to the Debt Management Office (DMO).
The DMO disclosed that the figure represents a 0.59 percent rise within the third quarter of the year. The debt stock comprises both domestic and external liabilities incurred by the federal government, the 36 state governments, and the Federal Capital Territory (FCT).
A breakdown of the data shows that domestic debt stood at N81.81 trillion (approximately $55.47 billion) as of Q3 2025, while external debt amounted to N71.47 trillion (about $48.46 billion).
The Federal Government accounted for the bulk of domestic borrowing, with its debt increasing to N77.81 trillion in the third quarter from N76.58 trillion in the second quarter. Meanwhile, the combined domestic debt of state governments and the FCT rose marginally from N3.96 trillion in June to N4 trillion in September.
The steady rise in the country’s public debt comes amid ongoing efforts by the federal government to finance infrastructure development and bridge persistent budget gaps. The 2026 budget deficit has been projected at N23.85 trillion, representing 4.28 percent of Nigeria’s Gross Domestic Product (GDP).
The growing debt profile continues to fuel public debate over borrowing levels, fiscal sustainability, and revenue allocation across the federation.
Credit: Vanguard
