Nigeria's total public debt climbed to N159.28 trillion as of December 31, 2025. The Debt Management Office (DMO) released data on Tuesday indicating a steady rise, largely fueled by domestic borrowing.

The figures show a quarter-on-quarter increase from N153.29 trillion recorded at the end of September 2025 to N159.28 trillion in December 2025. This amounts to an increase of N5.98 trillion, or 3.9%.

In dollar terms, the debt stock rose from $103.94 billion to $110.97 billion within the same period.

On a year-on-year basis, Nigeria’s public debt increased from N144.67 trillion in December 2024 to N159.28 trillion in December 2025. This marks an increase of N14.61 trillion, or 10.1%. In dollar terms, this represents a rise from $94.23 billion to $110.97 billion, an increase of $16.75 billion.

Domestic Debt Drives Increases

A breakdown of the data reveals that domestic debt remained the largest component of Nigeria’s total debt stock, accounting for 53.27% as of December 2025.

• Domestic debt rose from N81.82 trillion in September 2025 to N84.85 trillion in December 2025, a quarter-on-quarter increase of N3.03 trillion or 3.7%.
• Compared to December 2024, when domestic debt stood at N74.38 trillion, the figure increased by N10.47 trillion or 14.1% year-on-year.
• In dollar terms, domestic debt increased from $55.47 billion in September 2025 to $59.12 billion in December 2025. It also rose from $48.44 billion in December 2024, highlighting a sustained reliance on the domestic market for financing.

The Federal Government accounted for the majority of domestic debt at N80.49 trillion, representing 50.53% of the total public debt. States and the Federal Capital Territory accounted for N4.36 trillion.

External Debt Shows Modest Rise

Nigeria’s external debt stood at N74.43 trillion as of December 2025, representing 46.73% of the total public debt.

This reflects a quarter-on-quarter increase of N2.95 trillion from N71.48 trillion in September 2025. Year-on-year, it increased by N4.14 trillion from N70.29 trillion recorded in December 2024.