February 24, (THEWILL) — Nigeria’s total public debt has risen to ₦153.29 trillion ($103.94 billion) as of September 30, 2025, according to the Debt Management Office (DMO). This marks a ₦900 billion increase from the ₦152.39 trillion recorded at the end of June 2025.
The report highlights growing public attention on debt sustainability and government efforts to curb borrowing while boosting domestic savings.
Debt Breakdown
Domestic debt: ₦81.81 trillion (~53.3% of total)
External debt: ₦71.47 trillion (~46.6% of total)
The Federal Government holds the majority of domestic debt at approximately ₦77.81 trillion, with states and the FCT accounting for about ₦4 trillion. Analysts note that this reflects the central government’s leading role in funding infrastructure, while states increasingly turn to domestic borrowing for development projects.
The 2026 budget projects a deficit of ₦23.85 trillion (~4.28% of GDP), which underpins ongoing borrowing. The DMO maintains that Nigeria’s debt remains within sustainable limits, even as concerns rise over fiscal management.
Arise News also reports that officials are exploring fiscal reforms, including:
Enhanced domestic revenue mobilisation
Reduced dependence on borrowing
Strategic management of the national debt portfolio
Economists caution that prudent spending and prioritisation of high-impact projects are essential to avoid future economic strain.
The DMO continues to provide quarterly reports and data releases to ensure transparency. This latest revelation underscores the balance Nigeria must strike between economic growth, infrastructure investment, and debt sustainability, offering policymakers and investors key insights into the nation’s financial health.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
