Nigeria’s total public debt has reached N159.28 trillion ($110.97 billion) as of December 31, 2025, according to the latest data from the Debt Management Office. This marks a quarter-on-quarter increase of N5.98 trillion (3.9%) from the N153.29 trillion recorded in September 2025, and a year-on-year rise of N14.61 trillion (10.1%) compared to N144.67 trillion in December 2024.
Domestic debt remains the largest component, climbing to N84.85 trillion from N81.82 trillion in the previous quarter. This reflects a 3.7% increase and a 14.1% rise year-on-year. The Federal Government accounts for the bulk of domestic borrowing, with states and the Federal Capital Territory holding smaller shares.
External debt also rose, reaching N74.43 trillion (46.73% of total debt), up from N71.48 trillion in September and N70.29 trillion a year earlier. In dollar terms, external debt grew from $48.46 billion to $51.86 billion over the quarter, and from $45.78 billion in December 2024.
Despite the increase in total debt, the structure of Nigeria’s debt portfolio has remained broadly stable. Domestic debt now represents 53.27% of the total, while external debt accounts for 46.73%. The 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 highlights ongoing fiscal pressures and the need for sustained revenue generation and debt management strategies.
