Nigeria’s Debt Climbs Again — Debt Management Office Says Stock Hits N153trn After Fresh N900bn Rise
By: Oluwaseun Lawal
The numbers moved. Not dramatically. But they moved.
Nigeria’s total public debt has edged up to N153.29 trillion as of September 30, 2025, according to the Debt Management Office (DMO). Just three months earlier, in June, it stood at N152.39 trillion.
That’s an increase of N900 billion. About 0.59 percent. Small on paper, big in absolute terms.
The DMO explained that the figure captures both domestic and external borrowings by the federal government, the 36 states, and the Federal Capital Territory.
Breaking it down: domestic debt now stands at N81.81 trillion — roughly $55.47 billion. External debt is N71.47 trillion, equivalent to about $48.46 billion. Two sides of the same borrowing coin.
The federal government still carries the heavier load. Its domestic debt rose from N76.58 trillion in the second quarter to N77.81 trillion by Q3. States and the FCT, meanwhile, saw their domestic obligations tick up slightly — from N3.96 trillion to N4 trillion.
Incremental increases. But increases nonetheless.
Behind the numbers is a familiar story — widening budget gaps and the pressure to fund infrastructure. Nigeria’s 2026 budget deficit is projected at no less than N23.85 trillion, about 4.28 percent of GDP. When revenue struggles, borrowing tends to step in. Sometimes quietly. Sometimes loudly.
Public debate around debt remains heated. Earlier in January 2025, the DMO pushed back against a circulating report that claimed Nigeria’s debt jumped from N21 trillion to N142 trillion under President Bola Tinubu. The office clarified that when Tinubu assumed office, the country’s debt stood at N87 trillion — not N21 trillion as alleged.
Interestingly, a May 17, 2025 report from the National Orientation Agency (NOA) had suggested that federal and state governments were reducing debt levels, helped by higher FAAC disbursements. Now, the latest DMO data paints a slightly different picture. Debt is not shrinking. It is inching upward.
Slowly. Steadily.
For now, the rise may appear modest. But with deficits still wide and revenue under pressure, many analysts will be watching the next quarter’s figures closely. Because N900 billion here, N900 billion there — it adds up.
