Nigeria’s total public debt climbed to N153.29 trillion as of September 30, 2025, according to figures released by the Debt Management Office (DMO).
The new figure represents an increase of N900 billion, or 0.59 percent, compared to the N152.39 trillion recorded in June 2025.
The DMO explained that the debt stock comprises both domestic and external obligations owed by the federal government, the 36 states, and the Federal Capital Territory (FCT). By the end of the third quarter of 2025, domestic debt stood at N81.81 trillion ($55.47 billion), while external debt amounted to N71.47 trillion ($48.46 billion).
The federal government accounted for the bulk of domestic borrowing, with its debt rising to N77.81 trillion in Q3 2025 from N76.58 trillion in the previous quarter. Domestic debt owed by state governments and the FCT also edged up slightly, increasing from N3.96 trillion in June to N4 trillion in September.
The steady growth in public debt comes as the federal government continues to source funds for infrastructure development amid widening budget gaps. The 2026 budget deficit is projected at N23.85 trillion, equivalent to 4.28 percent of gross domestic product (GDP).
Borrowing levels and revenue distribution remain hotly debated issues nationwide.
Earlier this year, the DMO dismissed reports alleging that Nigeria’s debt jumped from N21 trillion to N142 trillion under President Bola Tinubu, clarifying that the country’s debt stood at N87 trillion when he took office.
In May, a report by the National Orientation Agency indicated that some debt reduction had occurred following higher allocations from the Federation Account Allocation Committee (FAAC).
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