By our reporter
Nigeria’s total public debt stock rose to US$103.94 billion, equivalent to about N153.29 trillion, as of September 30, 2025.
This is according to the latest data released by the Debt Management Office (DMO).
The DMO stated that the Central Bank of Nigeria official exchange rate of US$1 to N1,474.85 as of September 30, 2025, was used to convert external debt into naira.
According to the figures, Nigeria’s external debt stock stands at US$48.46 billion, equivalent to about N71.48 trillion, representing 46.63 per cent of the total public debt.
Domestic debt rose to US$55.47 billion, or about N81.82 trillion, accounting for 53.37 per cent of the country’s total debt exposure.
The data shows that domestic debt now constitutes the larger portion of Nigeria’s total public debt profile, reflecting sustained issuance of government securities in the local market.
Overall, total public debt stands at US$103.94 billion (N153.29 trillion), with external debt at US$48.46 billion (N71.48 trillion) and domestic debt at US$55.47 billion (N81.82 trillion).
Within the domestic debt portfolio, FGN Bonds account for N61.9 trillion, representing about 80 per cent of domestic obligations. Of this figure, FGN Naira Bonds make up N60.64 trillion, while US dollar-denominated bonds account for N1.35 trillion. Nigerian Treasury Bills stand at N12.68 trillion, representing 16.3 per cent of total domestic debt, while Sukuk bonds are valued at N1.29 trillion.
A breakdown by tiers of government shows that the Federal Government continues to account for the bulk of Nigeria’s debt exposure, with states and the Federal Capital Territory (FCT) contributing a smaller share.
Debt owed by the Federal Government stands at US$52.76 billion, equivalent to about N77.81 trillion, representing 50.76 per cent of total public debt.
Debt owed by states and the FCT amounts to US$2.71 billion, or about N4.00 trillion, contributing 2.61 per cent of the total.
“Domestic Debt Stock for 35 States and Federal Capital Territory were as at September 30, 2025, while Domestic Debt Stock of Rivers State was at June 30, 2025,” the DMO noted.
The heavier domestic share suggests stronger reliance on local investors and financial institutions, including pension funds and banks, with borrowings largely raised through government bonds, treasury bills and other instruments issued in the domestic market.
The DMO released the Q3 2025 domestic debt data shortly after Nairametrics published a report titled “Why is DMO hoarding Public Debt data?” which questioned the delay in the agency’s disclosure.
Prior to this release, the agency had not published Nigeria’s public debt data as of September 2025.
As reported earlier, Nigeria’s total public debt had climbed to N152.40 trillion as of June 30, 2025, up from N149.39 trillion at the end of March, underscoring the continued upward trajectory of the country’s debt profile.
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