How Nigeria’s public debt jumped by N14.61tn in 2025 – DMO

NIGERIA’S total public debt rose significantly by N14.61 trillion within one year, reaching N159.28 trillion as of December 31, 2025, based on the latest figures released by the Debt Management Office (DMO).

The new data indicates an increase from N144.67 trillion recorded at the end of December 2024, reflecting a 10.1 percent year-on-year growth in the country’s debt profile.

In dollar terms, the debt stock also expanded notably, climbing from $94.23 billion in 2024 to $110.97 billion in 2025, an increase of $16.75 billion over the period.

On a quarter-on-quarter basis, public debt grew from N153.29 trillion in September 2025 to N159.28 trillion in December 2025, representing a rise of N5.98 trillion or 3.9 percent over the period.

A closer look at the composition shows that domestic borrowing continues to dominate Nigeria’s debt structure, accounting for 53.27 percent of the total as of December 2025.

READ ALSO: Tinubu debt profile: How much has Nigeria borrowed since 2023?

Domestic debt increased from N74.38 trillion in December 2024 to N84.85 trillion in December 2025, marking a N10.47 trillion rise or 14.1 percent year-on-year. Within the quarter, it also rose by N3.03 trillion from N81.82 trillion recorded in September 2025.

When converted to dollars, domestic debt grew from $48.44 billion to $59.12 billion, highlighting the government’s sustained dependence on local borrowing to finance fiscal gaps, DMO said.

The Nigerian government held the largest share of domestic debt at N80.49 trillion, equivalent to 50.53 percent of total public debt, while states and the Federal Capital Territory (FCT) accounted for N4.36 trillion.

External debt records

External debt stood at N74.43 trillion by December 2025, representing 46.73 percent of the total debt stock.

This marks a year-on-year increase of N4.14 trillion from N70.29 trillion in December 2024. On a quarterly basis, it rose by N2.95 trillion from N71.48 trillion recorded in September 2025. Economy Post has consistently flagged the growing external debt , especially under President Bola Tinubu.

In dollar terms, external debt moved up from $45.78 billion in 2024 to $51.86 billion in 2025.

The Federal Government accounted for N66.27 trillion of the external debt, while states and the FCT held N8.16 trillion. Despite the overall rise in borrowing, the structure of Nigeria’s debt portfolio remained largely unchanged, with a slightly higher preference for domestic debt.

Domestic debt share increased from 51.41 percent in 2024 to 53.27 percent in 2025, while external debt declined marginally from 48.59 percent to 46.73 percent.

READ ALSO: Tinubu borrows $6.5bn from World Bank as Nigeria’s debt profile exceeds N129trn

According to the DMO, the figures for December 2025 are provisional and were calculated using the official exchange rate of N1,435.2571 per dollar provided by the Central Bank of Nigeria (CBN).

Tinubu’s growing debt

Economy Post had reported that President Tinubu government’s loans constituted 43 percent of Nigeria’s total public debt stock, which stood at N152.398 trillion as of June 2025, according to the DMO data.

His government held a $2.35 billion Eurobond sale in 2025 to raise funds to meet several needs. It was oversubscribed and attracted a record $13 billion orders mostly from international investors who wanted to participate in the market. However, a Eurobond is a debt instrument that pays principal and interest in a currency different from the currency of the country where it originated, according to Investopedia. Hence, the sale raised the nation’s external debt stock, even though it will be repaid in the medium to long term.

As of the time former President Muhammadu Buhari left office on May 29, 2023, the nation’s total public debt stood at N87.379 trillion, according to the DMO. However, with President Tinubu coming to power that same day, Nigeria’s debt profile rose thereafter, hitting N159.2 trillion as of today.

This means that President Tinubu’s administration racked up N71.82 trillion between June 2023 and now, marking 45 percent of the current public debt stock.

READ ALSO: Tinubu seeks National Assembly approval for $6bn external loans as debt balloons

Just last month, Tinubu requested the approval of the National Assembly for external loans totalling $6 billion, aimed at supporting fiscal needs, funding infrastructure, and refinancing existing debts.

The Tinubu’s administration will borrow N17.89 trillion in 2026. In 2025, the government had a revenue shortfall of N30 trillion, according to Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun.