Nigeria’s Public Debt Surges to ₦153.29 Trillion in Q3 2025 as Fiscal Pressures Persist

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Nigeria’s total public debt stock rose to ₦153.29 trillion as of September 30, 2025, according to newly released data from the Debt Management Office (DMO), confirming a continued upward trend in the country’s borrowing profile amid ongoing fiscal pressures.

The figure, contained in the DMO’s latest quarterly report titled “Nigeria’s Total Public Debt as at September 30, 2025,” represents a quarter-on-quarter increase of approximately ₦900 billion (0.59%), compared with ₦152.40 trillion recorded at the end of June 2025 (Q2).

In dollar terms, using the DMO’s exchange rate of ₦1,474.85 to $1, Nigeria’s public debt stood at $103.94 billion, up from $99.66 billion in the previous quarter—an increase of about $4.28 billion (4.29%).

A detailed breakdown of the debt profile shows that domestic debt accounts for ₦81.82 trillion, representing 53.37% of the total debt stock, equivalent to approximately $55.47 billion. The Federal Government dominates this segment with ₦77.81 trillion, accounting for 50.76% of the overall debt, while states and the Federal Capital Territory collectively hold ₦4.00 trillion.

On the external side, Nigeria’s debt stood at ₦71.48 trillion, or 46.63% of the total, equivalent to $48.46 billion. This includes multilateral, bilateral, and commercial borrowings.

While the quarterly increase appears modest, year-on-year data reflects a sharper surge. From ₦142.32 trillion recorded in September 2024, Nigeria’s total public debt has grown by nearly ₦11 trillion within one year, driven largely by budget deficits, infrastructure financing needs, and rising debt servicing obligations.

Several major Nigerian media outlets—including The Punch, The Guardian, Vanguard, TheCable, Legit.ng, and The Sun—have corroborated the ₦153.29 trillion figure based on the DMO’s official publication.

Economic analysts warn that continued deficit financing could push Nigeria’s public debt beyond ₦177 trillion by the end of 2026, particularly in light of the projected ₦23.85 trillion budget deficit. Concerns also persist over rising debt servicing costs, which consume a significant share of federal revenue and may limit fiscal flexibility.

The DMO, however, maintains that Nigeria’s debt-to-GDP ratio remains within acceptable thresholds and reiterates its commitment to sustainable debt management practices.

The next quarterly update (Q4 2025) is expected in the coming weeks and may provide further insight into how Nigeria’s borrowing trajectory evolves amid ongoing economic reforms and global financial pressures.