…Public Debt Surges By N900bn In 2025
….External Obligations Reach N71.5trn, Domestic Obligations Climb To N81.8trn
…Infrastructure Funding Cited As Key Reason
Daud Olatunji
Nigeria’s total public debt climbed to N153.29 trillion as at September 30, 2025, the Debt Management Office (DMO) has revealed, marking a N900 billion increase from the N152.39 trillion recorded in June.
According to a statement posted on its website, the DMO said the country’s debt profile comprises both domestic and external obligations of the federal and subnational governments — the 36 states and the Federal Capital Territory (FCT).
The report showed that domestic debt stood at N81.81 trillion ($55.47 billion), with the federal government holding the bulk at N77.81 trillion, up from N76.58 trillion in Q2.
Meanwhile, states and the FCT owed N4 trillion, a slight increase from N3.96 trillion in June. External debt rose to N71.47 trillion ($48.46 billion).
The DMO attributed the growing debt stock to the federal government’s drive to fund critical infrastructure projects amid persistent budget deficits. Nigeria’s 2026 budget is projected to have a deficit of at least N23.85 trillion, equivalent to 4.28 percent of gross domestic product.
The rising debt has sparked concerns over the sustainability of government borrowing and revenue allocation. In January 2025, the DMO dismissed claims that the country’s debt had skyrocketed from N21 trillion to N142 trillion under President Bola Tinubu, clarifying that the actual debt at the start of his administration was N87 trillion.
In May 2025, the National Orientation Agency reported that both federal and state governments had reduced some of their debt, aided by increased disbursements from the Federation Account Allocation Committee (FAAC).
Economists warn that without a sustainable fiscal strategy, Nigeria’s debt trajectory could pose long-term risks to economic stability and public service delivery.
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