Nigeria’s total public debt stock has climbed to US$103.94 billion, which is approximately N153.29 trillion, as of September 30, 2025, according to the latest data released by the Debt Management Office (DMO).

The DMO used the Central Bank of Nigeria’s (CBN) official exchange rate of US$1 to N1,474.85 as of September 30, 2025, to convert external debt into naira.

DMO data indicates that the nation's external debt stock is US$48.46 billion, equivalent to N71.48 trillion, which is 46.63% of the total public debt.

The data also reveals that domestic debt stock rose to US$55.47 billion, or about N81.82 trillion, accounting for 53.37% of the country’s total exposure.

The latest figures from the DMO show that domestic debt now constitutes the larger portion of Nigeria’s total public debt profile. This reflects the sustained issuance of government securities in the local market.

A breakdown of the domestic debt category shows that FGN Naira Bonds account for N60.64 trillion, while US dollar-denominated bonds account for N1.35 trillion. Nigerian Treasury Bills amount to N12.68 trillion, representing 16.3 percent of the total domestic debt. Sukuk bonds are valued at N1.29 trillion.

An analysis of the public debt by tiers of government shows that the Federal Government continues to account for the bulk of Nigeria’s debt exposure, while states and the Federal Capital Territory (FCT) contribute a smaller portion.

Borrowings are largely raised through government bonds, treasury bills, and other instruments issued in the domestic market.

The DMO released the Q3 2025 domestic debt data shortly after Nairametrics published a report titled “Why is DMO hoarding Public Debt data?” which questioned the delay in the agency’s disclosure.

Prior to this release, the agency had not published Nigeria’s public debt data as of September 2025.

Nairametrics previously reported that Nigeria’s total public debt had climbed to N152.40 trillion as of June 30, 2025, up from N149.39 trillion at the end of March.