By Nchetachi Chukwuajah
The Debt Management Office (DMO) has said Nigeria’s total public debt profile increased by N900 billion to hit N153.29 trillion as at September 30, 2025.
According to a statement on the DMO’s website, the figure represents a 0.59 per cent increase from the N152.39 trillion reported in June 2025.
It said the public debt profile consists of the domestic and external debt stocks of the federal and subnational governments, that is, the 36 states and the Federal Capital Territory (FCT).
The DMO said the total domestic debt as of September 2025 was N81.81 trillion ($55.47 billion), while the total external debt was N71.47 trillion ($48.46 billion).
According to the debt office, the Federal Government accounted for the bulk of domestic debt, which rose to N77.81 trillion by the third quarter (Q3) of 2025, from N76.58 trillion in the second quarter (Q2).
It also stated that the domestic debt stock owed by states and the FCT increased slightly from N3.96 trillion in June to N4 trillion in September 2025.
The rising debt profile suggests the Federal Government’s appetite for cash to finance critical infrastructure amid huge budget deficits.
Over the years, the Nigerian government has relied on borrowing to shore up budget shortfalls. In 2025, the budget deficit was N13.09 trillion, representin 3.89 percent of the Gross Domestic Product (GDP), and was financed through debts.
Nigeria’s 2026 proposed budget of N58.472 trillion has a deficit of at least N23.85 trillion, which is 4.28 percent of GDP.
