Nigeria’s total public debt rose to N159.28 trillion (110.97 billion dollars) as of December 2025, according to the Debt Management Office (DMO).
The DMO said domestic debt stood at N84.85 trillion, while external debt was N74.43 trillion, making domestic borrowing the larger share at 53.27 per cent.
The federal government accounted for the bulk of the debt, with N80.49 trillion in domestic debt and N66.27 trillion in external obligations.
The 36 states and the Federal Capital Territory owed a combined N4.36 trillion domestically and N8.16 trillion externally.
Multilateral loans accounted for the largest share of external debt at 23.19 billion dollars, led by the World Bank with 18.3 billion dollars.
Bilateral loans stood at 6.2 billion dollars, with China’s Exim Bank as the top creditor.
Domestic debt is largely driven by Federal Government bonds, treasury bills and sukuk instruments.
The International Monetary Fund projects Nigeria’s debt-to-GDP ratio at 32.3 per cent in 2026, down from 35.5 per cent in 2025.
While this remains below the 60 per cent benchmark, analysts warn that high debt-servicing costs relative to revenue continue to pose fiscal risks.
