As of December 31, 2025, Nigeria’s total public debt has reached N159.28 trillion ($110.97 billion), according to the latest data from the Debt Management Office. This figure represents a quarter-on-quarter increase of N5.98 trillion (3.9%) from the N153.29 trillion recorded in September 2025. Additionally, there has been a year-on-year rise of N14.61 trillion (10.1%) compared to the N144.67 trillion reported in December 2024.
The largest component of this debt is domestic borrowing, which has climbed to N84.85 trillion, up from N81.82 trillion in the previous quarter. This reflects a 3.7% increase and a significant 14.1% rise year-on-year. The Federal Government is responsible for the majority of domestic borrowing, while states and the Federal Capital Territory hold smaller shares. Meanwhile, external debt has also increased, reaching N74.43 trillion, which constitutes 46.73% of the total debt. This marks an increase from N71.48 trillion in September and N70.29 trillion a year earlier. In dollar terms, external debt rose from $48.46 billion to $51.86 billion over the quarter, and from $45.78 billion in December 2024.
Despite the overall increase in total debt, the structure of Nigeria’s debt portfolio has remained relatively stable. Domestic debt now represents 53.27% of the total, while external debt accounts for 46.73%. These figures are provisional and were calculated using the Central Bank of Nigeria’s official exchange rate of N1,435.26 to the dollar. The continued reliance on both domestic and external borrowing underscores ongoing fiscal pressures and highlights the necessity for effective revenue generation and debt management strategies.
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