By Seun Ibiyemi
Nigeria’s total public debt increased to N153.29tn as of September 30, 2025, reflecting a steady rise in both domestic and external borrowings within three months, according to data released by the Debt Management Office on Friday.
The DMO disclosed that the debt stock grew from N152.40tn as of June 30, 2025, to N153.29tn at the end of September, representing a quarter-on-quarter increase of N893.87bn.
In dollar terms, the country’s total debt climbed from $99.66bn in June to $103.94bn in September, indicating a $4.28bn increase over the period. This translates to a 4.29 per cent expansion in dollar-denominated debt within the quarter.
External debt stood at $48.46bn, equivalent to N71.48tn, accounting for 46.63 per cent of total public debt as of September.
This marked an increase from $46.98bn recorded in June, when external obligations made up 47.14 per cent of the debt stock, reflecting a $1.48bn rise.
Domestic debt grew more sharply in dollar terms, rising from $52.67bn in June to $55.47bn in September, a $2.80bn increase. In naira terms, domestic debt rose from N80.55tn to N81.82tn within the period.
Domestic borrowings accounted for 53.37 per cent of total debt in September, up slightly from 52.86 per cent in June.
The DMO noted that September’s external debt figures were converted using the Central Bank of Nigeria official exchange rate of N1,474.85/$, compared to N1,529.2105/$ used for June, with the stronger naira in September partially moderating the local currency value of external obligations.
A breakdown of external debt shows that multilateral creditors remain Nigeria’s largest lenders, accounting for $23.41bn or 48.31 per cent of total external debt.
Under this category, the International Development Association was owed $18.18bn, while the International Bank for Reconstruction and Development accounted for $1.36bn.
The African Development Bank was owed $2.15bn and the African Development Fund $1.02bn. Other creditors included the Islamic Development Bank and the International Fund for Agricultural Development.
Bilateral debt totalled $6.29bn or 12.97 per cent of external debt. Of this, loans from the Export-Import Bank of China amounted to $4.82bn, while the China Development Bank was owed $423.51m. France, Japan, India and Germany were also listed among creditors.
Commercial borrowings remained significant, with Eurobonds accounting for $17.32bn, representing 35.74 per cent of external debt. Syndicated project loans and a facility from Deutsche Bank brought additional commercial exposure to $1.45bn.
On the domestic front, Federal Government instruments dominated the debt profile.
FGN Bonds stood at N61.99tn, accounting for 79.67 per cent of the Federal Government’s domestic debt. Nigerian Treasury Bills amounted to N12.68trn, or 16.30 per cent, while FGN Sukuk stood at N1.29tn. FGN Savings Bonds and Green Bonds were valued at N97.46bn and N62.36bn, respectively. Promissory notes totalled N1.69trn.
The DMO added that domestic debt data for 35 states and the Federal Capital Territory were as of September 30, 2025, while Rivers State’s data were as of June 30, 2025.
Meanwhile, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said Nigeria was deliberately shifting from costly external borrowing toward a more resilient growth model anchored on domestic reforms and private capital.
Speaking at the opening session of the G-24 Technical Group Meeting in Abuja, Edun said the country was moving away from overreliance on expensive foreign loans to a framework powered by diversified financing instruments, innovative funding models and expanded concessional windows in line with evolving global development finance priorities.
