Nigeria expended N10.81 trillion on servicing outstanding debt obligations in the first nine months of 2025, according to figures released by the Debt Management Office (DMO).
The DMO disclosed that the amount comprised external debt service payments of $3.34 billion, equivalent to N4.49 trillion at an exchange rate of N1,346 per dollar, and domestic debt service payments of N6.32 trillion within the period.
The agency further revealed that the country’s total public debt rose to N153.3 trillion ($103.93 billion) as of September 30, 2025, representing a 0.59 per cent quarter-on-quarter increase from N152.4 trillion ($99.66 billion) recorded in June 2025.
According to the DMO, the total debt stock includes domestic debt of $55.47 billion (N81.81 trillion) and external debt of $48.46 billion (N71.47 trillion), covering obligations owed by the Federal Government, the 36 states, and the Federal Capital Territory.
The Federal Government accounted for the larger share of domestic debt, which increased to N77.81 trillion in the third quarter of 2025 from N76.58 trillion in the second quarter. Domestic debt owed by states and the FCT also rose marginally to N4 trillion in September from N3.96 trillion in June.
The sustained rise in Nigeria’s debt profile highlights the Federal Government’s continued reliance on borrowing to finance infrastructure and plug budget deficits.
In January 2025, the DMO refuted reports alleging that Nigeria’s public debt jumped from N21 trillion to N142 trillion under President Bola Tinubu. The office clarified that the country’s debt stood at N87 trillion when Tinubu assumed office, not N21 trillion as claimed.
However, official data indicate that Nigeria’s debt has grown significantly since 2023, driven largely by fresh borrowings and the depreciation of the naira. The debt stock surged in the first half of 2023 following the securitization of N22.7 trillion in Ways and Means advances and currency devaluation, rising to N87.38 trillion by the end of the second quarter of that year.
The upward trend persisted through 2024 and 2025, with total public debt reaching N121.67 trillion by the first quarter of 2024 and surpassing N152 trillion by June 2025.
