Key Takeaways

• Nigeria’s total public debt reached N159.27 trillion by Q4 2025, a 10% increase from the previous year.
• Domestic debt now stands at N84.84 trillion, while external debt has climbed to N74.42 trillion.
• The Federal Government remains the primary borrower, accounting for the vast majority of both domestic and foreign liabilities.
• The DMO utilized an exchange rate of N1,435.25/$1 to calculate the naira value of foreign debt obligations.

Rising Debt Profile: A Closer Look at the Figures

The Debt Management Office (DMO) has released its latest report, revealing that Nigeria’s total public debt stock for both federal and state governments climbed to N159.27 trillion by the conclusion of the fourth quarter of 2025. This figure represents a notable 10 percent year-on-year increase compared to the N144.67 trillion recorded at the end of 2024. On a quarterly basis, the nation saw an addition of N5.98 trillion to its total debt burden, rising from the N153.29 trillion reported in Q3 2025.

Breakdown of Domestic and External Liabilities

According to the official data, the total debt profile is bifurcated into domestic and external components. The domestic debt stock currently stands at N84.84 trillion, while the external debt component is valued at N74.42 trillion. When compared to the figures from December 2024, domestic debt has seen a significant surge of N10.47 trillion, or 14.1 percent. Meanwhile, external debt obligations grew by N4.14 trillion over the same period.

The Federal Government continues to bear the heaviest portion of this fiscal load. Of the total domestic debt, the federal government is responsible for N80.4.