Nigeria’s total public debt has risen to N159.28 trillion as of December 31, 2025, with each citizen now carrying an estimated burden of about ₦724,000, according to fresh data released by the Debt Management Office (DMO).
Debt surge in latest figures
The latest figures show a steady increase in the country’s debt profile, rising from N153.29 trillion recorded in September 2025.
This represents a quarterly increase of N5.98 trillion, equivalent to 3.9 percent growth within three months.
On a year-on-year basis, the debt rose by N14.61 trillion from N144.67 trillion in December 2024, reflecting a 10.1 percent increase.
What is driving the increase
The rise is largely driven by increased domestic borrowing, which continues to form the bulk of Nigeria’s debt structure.
Notably, the figure does not yet include the recently approved N8.3 trillion loan from the United Arab Emirates and UK Export Finance, suggesting the total debt could climb further in the coming months.
Breakdown of the debt
Domestic debt accounts for the largest share at N84.85 trillion, representing 53.27 percent of the total.
Out of this, the Federal Government holds N80.49 trillion, while states and the Federal Capital Territory account for N4.36 trillion.
External debt stands at N74.43 trillion, making up 46.73 percent of the total debt stock.
In dollar terms, Nigeria’s external debt is estimated at $51.86 billion, with the Federal Government responsible for N66.27 trillion and states and the FCT accounting for N8.16 trillion.
Debt in dollar terms
Overall, Nigeria’s total debt rose from $103.94 billion to $110.97 billion within the period under review.
This reflects the combined impact of fresh borrowing and exchange rate movements on the country’s obligations.
Rising concerns
The growing debt profile has continued to raise concerns over fiscal sustainability, especially as debt servicing costs increase.
With Nigeria’s population estimated at about 220 million, the data highlights the mounting financial pressure tied to government borrowing.
Outlook
The Central Bank of Nigeria projects that the country’s debt-to-GDP ratio could reach about 34 percent by 2026.
This points to continued reliance on borrowing as the government navigates economic challenges and funding gaps.