Nigeria’s total public debt rose to N153.29 trillion as of September 30, 2025, reflecting a quarter-on-quarter increase of N893.87 billion, the Debt Management Office (DMO) said on Friday, February 20.
The debt stock increased from N152.40 trillion at the end of June 2025. In dollar terms, total debt climbed from $99.66 billion to $103.94 billion over the three-month period, representing a $4.28 billion rise.
External debt stood at $48.46 billion (N71.48 trillion), accounting for 46.63 per cent of total public debt, up from $46.98 billion in June. Domestic debt rose to $55.47 billion (N81.82 trillion), representing 53.37 per cent of the total, up from $52.67 billion in June.
Multilateral lenders remained Nigeria’s largest external creditors, with the World Bank Group, African Development Bank Group, and other institutions accounting for $23.41 billion, or 48.31 per cent of external debt.
Bilateral loans totalled $6.29 billion, with China’s Exim Bank alone accounting for $4.82 billion. Commercial borrowings, including Eurobonds, amounted to $18.77 billion, or 38.48 per cent of external debt.
On the domestic front, Federal Government instruments dominated the profile. FGN Bonds totalled N61.99 trillion, or 79.67 per cent of domestic debt, while Nigerian Treasury Bills accounted for N12.68 trillion.
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FGN Sukuk, Savings Bonds, and Green Bonds together stood at N1.45 trillion, with promissory notes at N1.69 trillion.
The DMO noted that domestic debt data for 35 states and the Federal Capital Territory were current as of September 30, 2025, while Rivers State’s data remained as of June 30.
Finance Minister Wale Edun said Nigeria was shifting away from costly external borrowing toward a growth model anchored on domestic reforms and private capital.
Speaking at the G-24 Technical Group Meeting in Abuja, Edun highlighted the use of innovative financing, blended instruments, and expanded concessional windows as key components of the new approach.
The figures indicate that while domestic debt continues to form the larger share of public debt, external obligations also increased during the third quarter of 2025.