Nigeria Public Debt Rises to $103.94 Billion as Domestic Borrowing Surpasses External Loans

Nigeria’s public debt climbs above $103 billion, with domestic borrowing now forming the larger share of total obligations.

Nigeria’s total public debt reached $103.94 billion (N153.29 trillion) as of September 30, 2025, according to the Debt Management Office (DMO). The figures were calculated using the Central Bank of Nigeria exchange rate of N1,474.85 per dollar.

External debt stands at $48.46 billion (N71.48 trillion), accounting for 46.63% of total debt. Domestic debt is higher at $55.47 billion (N81.82 trillion), representing 53.37%.

Within domestic debt, FGN Bonds dominate with N61.9 trillion, about 80% of the portfolio. Treasury Bills account for N12.68 trillion, while Sukuk bonds stand at N1.29 trillion. The Federal Government holds $52.76 billion (N77.81 trillion) of the total, while states and the FCT owe $2.71 billion (N4.00 trillion). The latest release follows earlier concerns over delayed public debt disclosures.