Nigeria’s Public Debt Stock Climbs to ₦159.28 Trillion
The Debt Management Office (DMO) has released its latest data, revealing that Nigeria’s total public debt reached ₦159.28 trillion(approximately $110.97 billion) by the end of December 2025. This figure represents a 10.1% year-on-year increase from the ₦144.67 trillion recorded in December 2024. The debt stock includes the combined domestic and external debts of the Federal Government, the 36 states, and the Federal Capital Territory.
According to the DMO, the quarter-on-quarter increase of **₦5.98 trillion** (3.9%) was driven largely by new domestic borrowing aimed at financing the 2025 budget deficit. Domestic debt now accounts for over 53% of the total, as the government continues to lean on the local bond market to mitigate the impact of high international interest rates and exchange rate volatility.
Economists have expressed concern over the rising debt-service-to-revenue ratio, which continues to limit the government's fiscal space for infrastructure development. While the DMO noted that the figures were converted using the official exchange rate of ₦1,435.25/$, the persistent gap between revenue generation and debt obligations remains a critical hurdle for the Tinubu administration's economic recovery plan.
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