DMO: Nigeria’s Public Debt Stock Rose by N900bn to Hit N153trn in Q3 2025

The Debt Management Office (DMO) has revealed that Nigeria’s total public debt profile reached a staggering N153.29 trillion as of September 30, 2025.

This figure represents an increase of N900 billion, or 0.59 percent, compared to the N152.39 trillion reported at the end of June 2025.

In a statement published on its website, the DMO explained that the country’s public debt profile comprises the combined domestic and external debt stocks of the federal government and the subnational governments, which include the 36 states and the Federal Capital Territory (FCT).

According to the debt office, total domestic debt stood at N81.81 trillion (approximately $55.47 billion), while total external debt accounted for N71.47 trillion (about $48.46 billion).

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A breakdown of the domestic figures showed that the federal government is responsible for the lion’s share, with its domestic debt rising from N76.58 trillion in the second quarter of 2025 to N77.81 trillion by the third quarter.

In a similar upward trend, the domestic debt stock owed by the 36 states and the FCT saw a slight increase, moving from N3.96 trillion in June to N4 trillion in September.

The persistent rise in the nation’s debt profile underscores the federal government’s pressing need for funds to finance critical infrastructure projects in the face of significant budget shortfalls.

Nigeria’s 2026 budget currently carries a deficit of at least N23.85 trillion, representing 4.28 percent of the country’s gross domestic product (GDP).

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In Nigeria, public borrowing remains a highly sensitive and contentious issue, often sparking intense debate over revenue allocation and deficit management.

Earlier in January 2025, the DMO had to publicly dismiss a widespread report claiming that Nigeria’s public debt had skyrocketed from N21 trillion to N142 trillion under the administration of President Bola Tinubu.

The DMO clarified that when President Tinubu assumed office, the national debt was already at N87 trillion, not N21 trillion as erroneously reported.

Additionally, a May 2025 report by the National Orientation Agency (NOA) previously indicated that the federal and state governments had managed to reduce some of their debt burdens, bolstered by an increase in revenue disbursements from the Federation Account Allocation Committee (FAAC). However, the latest Q3 figures show that overall debt levels have continued to creep upward.