DMO: Nigeria’s Public Debt Rises by N900bn to N153.29trn in Q3 2025

Nigeria’s total public debt increased to N153.29 trillion as of September 30, 2025, according to the Debt Management Office (DMO).

In a statement published on its website, the DMO said the figure represents a N900 billion increase or 0.59 percent  compared to the N152.39 trillion recorded at the end of June 2025.

The debt office explained that the public debt profile comprises both domestic and external debt stocks of the federal government and the subnational governments — the 36 states and the Federal Capital Territory (FCT).

According to the DMO, total domestic debt stood at N81.81 trillion (approximately $55.47 billion), while total external debt amounted to N71.47 trillion (about $48.46 billion).

A breakdown of the domestic component shows that the federal government accounted for the largest share, with its domestic debt rising to N77.81 trillion in the third quarter of 2025, up from N76.58 trillion in the second quarter.

Similarly, domestic debt owed by states and the FCT increased marginally from N3.96 trillion in June to N4 trillion in September 2025.

The upward trend in the debt profile reflects the federal government’s need to finance critical infrastructure and cover significant budget shortfalls.

Nigeria’s 2026 budget deficit is projected at no less than N23.85 trillion, representing 4.28 percent of the country’s gross domestic product (GDP).

Public discourse around borrowing remains sensitive in Nigeria, particularly amid recurring concerns about widening budget deficits and revenue allocation.

In January 2025, the DMO refuted claims in a report alleging that Nigeria’s public debt rose from N21 trillion to N142 trillion under President Bola Tinubu.

The office clarified that Nigeria’s total public debt stood at N87 trillion when Tinubu assumed office, not N21 trillion as claimed.

Earlier, on May 17, 2025, the National Orientation Agency (NOA) reported that both federal and state governments had reduced their debt burdens, citing increased disbursements from the Federation Account Allocation Committee (FAAC) as a supporting factor.

The latest data from the DMO, however, shows a renewed increase in the country’s overall debt stock as of the third quarter of 2025.