Nigeria’s total public debt rose to N153.29 trillion as of September 30, 2025, reflecting a steady increase in both domestic and external obligations within three months.
This is according to data released by the debt management office on Friday.
The figures show that total public debt increased from N152.40 trillion recorded on June 30, 2025, to N153.29 trillion at the end of September, a quarter-on-quarter rise of N893.87 billion.
In dollar terms, the country’s debt stock climbed from $99.66 billion in June to $103.94 billion in September, representing a $4.28 billion increase or 4.29 per cent growth over the period.
External debt stood at $48.46 billion (N71.48 trillion), accounting for 46.63 per cent of total public debt as of September. This compares to $46.98 billion in June, when external obligations made up 47.14 per cent of the debt stock.
Domestic debt, however, recorded a sharper expansion.
It rose from $52.67 billion in June to $55.47 billion in September, translating to N81.82 trillion in naira terms, up from N80.55 trillion in the previous quarter.
Domestic borrowings accounted for 53.37 per cent of total debt in September.
The DMO explained that the September external debt figures were converted at the Central Bank of Nigeria’s official exchange rate of N1,474.85/$, compared to N1,529.2105/$ used in June, noting that the relatively stronger exchange rate moderated the naira value of external liabilities.
A breakdown of the external debt portfolio shows that multilateral institutions remain Nigeria’s largest creditors.
Loans from the World Bank group and the African Development Bank Group, alongside other multilateral lenders, amounted to $23.41 billion, representing 48.31 per cent of total external debt.
Within this category, the International Development Association accounted for $18.18 billion, while the International Bank for Reconstruction and Development stood at $1.36 billion.
The African Development Bank was owed $2.15 billion, and the African Development Fund $1.02 billion.
Bilateral loans totalled $6.29 billion or 12.97 per cent of external debt, with China’s Exim Bank accounting for $4.82 billion. Other bilateral creditors include France, Japan, India and Germany. Loans from the China Development Bank stood at $423.51 million.
Commercial borrowings also remained significant, with Eurobonds accounting for $17.32 billion, 35.74 per cent of the external debt stock. Syndicated project loans and a facility from Deutsche Bank brought additional exposure of about $1.45 billion.
On the domestic front, Federal Government instruments dominated the debt structure. As of September 30, 2025, FGN Bonds totalled N61.99 trillion, representing 79.67 per cent of the Federal Government’s domestic debt.
Nigerian treasury bills stood at N12.68 trillion, while FGN Sukuk accounted for N1.29 trillion. Savings Bonds, Green Bonds and promissory notes made up the balance.
Commenting on the government’s borrowing strategy, Wale Edun, Minister of Finance and Coordinating Minister of the Economy said Nigeria was shifting away from expensive external borrowing.
