Nigeria’s total public debt rose to N153.29tn by September 2025. The Debt Management Office confirmed the increase in new data. The figure reflects steady growth within three months.
Previously, total debt stood at N152.40tn in June 2025. Therefore, the country added N893.87bn quarter-on-quarter. In dollar terms, debt increased from $99.66bn to $103.94bn. This represents a $4.28bn rise during the period.
External debt reached $48.46bn in September. It accounted for 46.63 percent of total public debt. Meanwhile, domestic debt climbed to N81.82tn. Domestic borrowings represented 53.37 percent of the debt stock.
Multilateral institutions remained Nigeria’s largest external creditors. The World Bank Group and African Development Bank Group led the list. Additionally, Eurobonds formed a significant share of commercial borrowings.
On the domestic front, Federal Government instruments dominated strongly. FGN Bonds accounted for the largest portion of local debt. Treasury Bills and Sukuk instruments also contributed substantially.
Exchange rate movements influenced external debt valuation. The September conversion used a stronger naira rate. Consequently, it partly reduced the naira equivalent of foreign loans.
Earlier, Finance Minister Wale Edun outlined a new fiscal direction. He emphasized reducing reliance on costly external borrowing. Instead, the government plans domestic reforms and private capital mobilization.
Despite the increase, authorities aim to strengthen debt sustainability. However, analysts continue monitoring fiscal risks closely.
