Nigeria’s total public debt stock climbed to N159.28 trillion as of December 31, 2025, marking a significant increase driven largely by domestic borrowing, according to the latest figures released by the Debt Management Office (DMO) on Tuesday, April 14, 2026.
The debt rose by N5.98 trillion, or 3.9%, from N153.29 trillion recorded at the end of September 2025. In dollar terms, the figure increased from $103.94 billion to $110.97 billion over the same period.
On a year-on-year basis, public debt grew by N14.61 trillion, or 10.1%, from N144.67 trillion in December 2024. In dollar terms, this represents a rise of $16.75 billion from $94.23 billion.
Domestic debt remained the largest component, accounting for 53.27% of the total stock at N84.85 trillion as of December 2025. This was up from N81.82 trillion in September and N74.38 trillion a year earlier. The Federal Government accounted for the bulk of domestic borrowing at N80.49 trillion, while states and the Federal Capital Territory contributed N4.36 trillion.
External debt stood at N74.43 trillion, representing 46.73% of total public debt. It rose from N71.48 trillion in September 2025 and N70.29 trillion in December 2024. In dollar terms, external debt increased to $51.86 billion from $48.46 billion in September and $45.78 billion a year earlier, with the Federal Government responsible for N66.27 trillion and subnational governments for N8.16 trillion.
The DMO noted that the December 2025 figures are provisional and were converted using the CBN’s official exchange rate of N1,435.2571 per dollar.
The steady expansion of Nigeria’s debt profile, particularly through domestic borrowing, highlights the government’s continued reliance on the local debt market to finance fiscal deficits and refinance maturing obligations. While the structure of the debt portfolio has remained relatively stable, with only a slight tilt toward domestic sources over the past year, concerns persist about long-term debt sustainability and the rising cost of servicing both local and external obligations.
Analysts will be watching closely how the government manages its borrowing strategy in 2026, especially as the 2026 budget anticipates a significant fiscal deficit and heavy dependence on domestic financing. The latest DMO data serves as a reminder of the delicate balance Nigeria must strike between meeting development needs and maintaining a sustainable debt burden under President Tinubu’s administration.
