Nigeria’s total public debt stock rose to $103.94 billion, equivalent to N153.29 trillion, as of September 30, 2025, according to the latest data from the Debt Management Office (DMO).
However, The DMO explained that the Central Bank of Nigeria’s official exchange rate of $1 to N1,474.85, as of the same date, was used to convert external debt into naira.
Debt Breakdown
Also, The data reveals the following:
- External Debt: Nigeria’s external debt stands at $48.46 billion (N71.48 trillion), making up 46.63% of the total public debt.
- Domestic Debt: Domestic debt increased to $55.47 billion (N81.82 trillion), accounting for 53.37% of the total debt.
Key Insights
The latest figures show that domestic debt now forms the larger share of Nigeria’s total public debt. This shift reflects the government’s continued reliance on issuing securities in the local market.
Domestic Debt Composition:
- FGN Bonds: N61.9 trillion, representing 80% of the domestic debt portfolio.
- FGN Naira Bonds: N60.64 trillion.
- Dollar-Denominated Bonds: N1.35 trillion.
- Nigerian Treasury Bills: N12.68 trillion, accounting for 16.3% of domestic debt.
- Sukuk Bonds: N1.29 trillion.
Federal vs. State Debt
A breakdown by tiers of government shows that the Federal Government holds the majority of Nigeria’s debt exposure, while states and the Federal Capital Territory (FCT) contribute a smaller portion.
