Nigeria’s total public debt rose to N159.28 trillion as of December 31, 2025, translating to an average debt burden of approximately N724,000 per citizen, according to the latest figures released by the Debt Management Office (DMO).
The increase underscores a continued upward trend in the country’s debt profile, largely driven by sustained domestic borrowing. The current figure excludes the recently approved N8.3 trillion loan facility from the United Arab Emirates and UK Export Finance, suggesting that the total debt stock is likely to rise further in subsequent reports.
With Nigeria’s population estimated at about 220 million, the data indicates a significant per capita share of the national debt. Public debt grew from N153.29 trillion recorded in September 2025 to N159.28 trillion in December 2025, marking a quarterly increase of N5.98 trillion, or 3.9 percent.
On a year-on-year basis, the debt expanded by N14.61 trillion, representing a 10.1 percent rise from the N144.67 trillion recorded in December 2024. In dollar terms, total debt increased from $103.94 billion to $110.97 billion within the same period.
Domestic debt continues to account for the largest share, standing at N84.85 trillion, or 53.27 percent of the total. Of this figure, the Federal Government holds N80.49 trillion, while states and the Federal Capital Territory account for N4.36 trillion, highlighting a strong reliance on local borrowing.
External debt was recorded at N74.43 trillion, representing 46.73 percent of the total debt stock. In dollar terms, it stood at $51.86 billion. The Federal Government is responsible for N66.27 trillion of the external debt, while states and the FCT account for N8.16 trillion.
The rising debt profile has continued to raise concerns over fiscal sustainability, particularly amid increasing debt servicing obligations. Projections by the Central Bank of Nigeria (CBN) indicate that Nigeria’s debt-to-GDP ratio could reach approximately 34 percent by 2026, reflecting ongoing borrowing relative to the size of the economy.
