The country’s total public debt increased to N153.29tn as of September 30, 2025, reflecting a steady build-up in both domestic and external obligations within three months, data released by the Debt Management Office on Friday has shown.
According to the DMO, total public debt rose from N152.40tn as of June 30, 2025, to N153.29tn at the end of September.
This represents an increase of N893.87bn quarter-on-quarter.
In dollar terms, the country’s debt stock climbed from $99.66bn in June to $103.94bn in September, indicating a $4.28bn increase within the period.
The dollar-denominated debt stock expanded by 4.29 per cent over the three-month period.
The September data show that total external debt stood at $48.46bn, equivalent to N71.48tn, accounting for 46.63 per cent of the total public debt.
As of June 30, 2025, external debt was $46.98bn, representing 47.14 per cent of the total.
This means external obligations increased by $1.48bn within the quarter.
Domestic debt rose more sharply in dollar terms. It increased from $52.67bn in June to $55.47bn in September, a growth of $2.80bn.
In naira terms, domestic debt stood at N81.82tn in September compared to N80.55tn in June.
Domestic borrowings accounted for 53.37 per cent of total debt in September, slightly higher than 52.86 per cent recorded in June.
The DMO noted that the September external debt figures were converted using the Central Bank of Nigeria’s official exchange rate of N1,474.85 to the dollar.
In contrast, the June figures were converted at N1,529.2105 to the dollar. The stronger exchange rate in September partly offset the naira value of external debt.
A further breakdown of the September external debt stock shows that multilateral creditors remain Nigeria’s largest lenders.
Loans from the World Bank Group and the African Development Bank Group, alongside other multilateral institutions, amounted to $23.41bn, representing 48.31 per cent of total external debt.
Under the multilateral category, the International Development Association accounted for $18.18bn, while the International Bank for Reconstruction and Development stood at $1.36bn.
The African Development Bank was owed $2.15bn, the African Development Fund $1.02bn, and other institutions, such as the Islamic Development Bank and the International Fund for Agricultural Development made up the balance.
Bilateral debt totalled $6.29bn or 12.97 per cent of external debt. China’s Exim Bank accounted for $4.82bn, while France, Japan, India and Germany were also listed among creditors. Loans from the China Development Bank stood at $423.51m.
Commercial borrowings remained significant. Eurobonds accounted for $17.32bn, representing 35.74 per cent of the external debt stock.
Syndicated project loans and a facility from Deutsche Bank brought the commercial sub-total to $1.45bn in addition to Eurobonds.
On the domestic front, Federal Government instruments dominated the debt profile. As of September 30, 2025, FGN Bonds amounted to N61.99tn, accounting for 79.67 per cent of the Federal Government’s domestic debt stock.
Of this, N60.64tn were naira bonds, while N1.35tn represented US dollar bonds converted to naira.
Nigerian Treasury Bills stood at N12.68tn, representing 16.30 per cent of domestic debt. FGN Sukuk accounted for N1.29tn, while FGN Savings Bonds and Green Bonds stood at N97.46bn and N62.36bn, respectively.
Promissory notes totalled N1.69tn, comprising both naira and foreign currency-denominated notes.
The DMO also indicated that domestic debt data for 35 states and the Federal Capital Territory were as of September 30, 2025, while Rivers State’s domestic debt data were as of June 30, 2025.
The figures show that while domestic debt continues to account for a larger share of Nigeria’s public debt stock, external borrowings also rose within the quarter.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, earlier said that Nigeria was deliberately shifting from expensive external borrowing to a growth model anchored on private capital and domestic reforms.
Edun stated this at the opening session of the G-24 Technical Group Meeting in Abuja, where he delivered a keynote address on the global economy and the need for stronger South-South cooperation.
“Nigeria is deliberately shifting away from a model overly reliant on expensive external borrowing toward a more resilient growth framework powered by domestic reforms, private capital, and diversified financing instruments,” Edun said.
He explained that the new approach was in line with evolving global development finance priorities that emphasise innovative financing, blended instruments and expanded concessional windows.
