Nigeria’s total public debt reached N153.29 trillion as of September 30, 2025, according to the Debt Management Office (DMO). This marks an increase of N900 billion, or 0.59 percent, from the N152.39 trillion reported in June.
The DMO stated that the debt profile includes both domestic and external liabilities incurred by the federal government, the 36 states, and the Federal Capital Territory (FCT). As of the third quarter of 2025, domestic debt stood at N81.81 trillion ($55.47 billion), while external debt was N71.47 trillion ($48.46 billion).
The federal government accounted for the majority of domestic debt, rising to N77.81 trillion in Q3 2025 from N76.58 trillion in Q2. State governments and the FCT also saw their domestic debt marginally increase from N3.96 trillion in June to N4 trillion in September.
The continued rise in Nigeria’s public debt comes as the federal government seeks funding for infrastructure projects amid significant budget shortfalls. The 2026 budget deficit is projected at N23.85 trillion, representing 4.28 percent of gross domestic product (GDP).
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Debate over the country’s borrowing practices and revenue allocation remains a contentious issue in public discourse.
Earlier in the year, the DMO refuted reports claiming the nation’s debt had surged from N21 trillion to N142 trillion under President Bola Tinubu, clarifying that the figure was N87 trillion when he assumed office.
In May, a National Orientation Agency report noted some debt reduction following increased allocations from the Federation Account Allocation Committee (FAAC).
