Nigeria’s total public debt increased to N153.29 trillion as of September 30, 2025, reflecting a N900 billion rise within the third quarter of the year, the Debt Management Office (DMO) has disclosed.
The figure represents a 0.59 per cent increase from the N152.39 trillion recorded at the end of June 2025, highlighting continued borrowing across various tiers of government.
According to the DMO’s latest report, the debt stock comprises domestic and external liabilities of the Federal Government, the 36 states, and the Federal Capital Territory (FCT).
The Federal Government accounted for the bulk of the increase, driven largely by a rise in domestic borrowing. Federal domestic debt climbed from N76.58 trillion in June to N77.81 trillion by the end of September. The uptick reflects ongoing efforts to finance budget deficits and sustain capital expenditure, particularly infrastructure projects.
At the subnational level, the combined domestic debt of the 36 states and the FCT also edged upward, moving from N3.96 trillion to N4 trillion within the same period. Although the increase was relatively slight, it contributed to the overall expansion of the country’s debt profile.
Analysts note that the continued growth in public debt underscores the fiscal challenges facing the country, including revenue shortfalls and rising expenditure commitments. However, the government has consistently maintained that borrowing is being channelled toward development-focused initiatives aimed at stimulating economic growth.
Earlier this year, the DMO dismissed claims that Nigeria’s debt ballooned from N21 trillion to N142 trillion under President Bola Tinubu. The agency clarified that the nation’s public debt stood at N87 trillion at the time the current administration took office.
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