Nigeria’s Public Debt Hits N153.29tn in Q3 2025, DMO Reports
- The DMO has stated that Nigeria’s total public debt rose to N153.29 trillion as of September 30, 2025
- Domestic debt stood at N81.81 trillion, with the federal government holding the largest share
- Nigeria’s 2026 budget projects a deficit of N23.85 trillion, equivalent to 4.28 per cent of GDP
CHECK OUT: How to Start Earning with Copywriting in Just 7 Days – Even if You’re a Complete Beginner
Oluwatobi Odeyinka is a business editor at Legit.ng, covering energy, the money market, technology and macroeconomic trends in Nigeria.
Nigeria’s total public debt increased to N153.29 trillion as of September 30, 2025, according to the Debt Management Office (DMO).
Source: UGC
According to The Cable, data obtained from the agency’s website show that the figure represents a N900 billion or 0.59 per cent increase compared to the N152.39 trillion recorded in June 2025.
The DMO explained that the public debt stock comprises both domestic and external borrowings of the federal government, the 36 states and the Federal Capital Territory (FCT).
Breakdown of domestic and external debt
According to the debt office, total domestic debt stood at N81.81 trillion (equivalent to $55.47 billion), while total external debt was N71.47 trillion ($48.46 billion) as of the end of the third quarter of 2025.
The federal government accounted for the largest share of domestic debt, which rose to N77.81 trillion in Q3 2025 from N76.58 trillion in Q2.
At the subnational level, domestic debt owed by states and the FCT increased slightly from N3.96 trillion in June to N4 trillion in September.
Budget deficit and borrowing concerns
The latest debt figures come amid continued fiscal pressures. Nigeria’s 2026 budget projects a deficit of at least N23.85 trillion, representing about 4.28 per cent of gross domestic product (GDP).
Analysts note that rising debt levels reflect the federal government’s efforts to finance infrastructure and bridge funding gaps created by revenue shortfalls.
However, public debate around borrowing remains sensitive in Nigeria, particularly in light of concerns over budget deficits and revenue allocation.
Source: Twitter
DMO clarifies past debt claims
In January 2025, the DMO refuted reports alleging that Nigeria’s public debt rose from N21 trillion to N142 trillion under President Bola Tinubu.
The agency stated that the country’s debt stock stood at N87 trillion when Tinubu assumed office, dismissing the earlier figures as inaccurate.
Separately, a report released on May 17, 2025, by the National Orientation Agency (NOA) indicated that both federal and state governments had reduced their debt burdens, supported by increased disbursements from the Federation Account Allocation Committee (FAAC).
10 Nigerian states with highest foreign debt repayments
Legit.ng earlier reported that Nigeria’s 36 states paid a combined N455.38bn in foreign debt service deductions in 2025, according to figures released by the National Bureau of Statistics.
The amount marks a sharp rise from the N362.08bn deducted in 2024, representing an increase of N93.30bn or 25.77 per cent year on year.
In practical terms, a bigger share of states’ FAAC allocations was automatically deducted to service loans owed to external creditors, including the World Bank, IMF, China and other multilateral and bilateral lenders.
Source: Legit.ng
