Abuja, Nigeria – Nigeria’s total public debt stock rose to $103.94 billion, equivalent to about N153.29 trillion, as of September 30, 2025, according to the latest data released by the Debt Management Office.
Okay News reports that the DMO used the Central Bank of Nigeria’s official exchange rate of $1 to N1,474.85 as of the reporting date to convert external debt into naira. The data shows that external debt stands at $48.46 billion, equivalent to about N71.48 trillion, representing 46.63 percent of total public debt. Domestic debt rose to $55.47 billion, or about N81.82 trillion, accounting for 53.37 percent of the country’s total exposure.
The latest figures show that domestic debt now constitutes the larger portion of Nigeria’s total public debt profile, reflecting sustained issuance of government securities in the local market. Within the domestic debt category, FGN Bonds account for N61.9 trillion, representing about 80 percent of the domestic portfolio. Nigerian Treasury Bills amount to N12.68 trillion, representing 16.3 percent of total domestic debt, while Sukuk bonds are valued at N1.29 trillion.
A breakdown by tiers of government shows that the Federal Government continues to account for the bulk of Nigeria’s debt exposure. Debt owed by the Federal Government stands at $52.76 billion, equivalent to about N77.81 trillion, representing 50.76 percent of total public debt. Debt owed by states and the Federal Capital Territory amounts to $2.71 billion, or about N4.00 trillion, contributing 2.61 percent of the total. The DMO noted that domestic debt stock for 35 states and the FCT was as at September 30, 2025, while Rivers State’s domestic debt was as at June 30, 2025.
The heavier domestic share suggests stronger reliance on local investors and financial institutions, including pension funds and banks. Borrowings are largely raised through government bonds, treasury bills, and other instruments issued in the domestic market. Prior to this release, the agency had not published Nigeria’s public debt data as of September 2025. Nigeria’s total public debt previously stood at N152.40 trillion as of June 30, 2025, up from N149.39 trillion at the end of March.
