The Nigeria’s total public debt, which stood at N159.28 trillion as of December 31, 2025, translates into an average debt burden of about N724,000 per citizen, according to an analysis by Daily Trust.
According to the report obtained by Politics Nigeria, the latest data released by the Debt Management Office (DMO) indicates a steady rise in the country’s debt profile, largely driven by increased domestic borrowing.
The DMO’s figures exclude the recently approved N8.3 trillion borrowing from the United Arab Emirates and UK Export Finance, suggesting that the debt stock could rise further in subsequent reports.
With Nigeria’s population estimated at about 220 million, the figures suggest that every citizen now carries a significant share of the national debt.
The debt stock rose from N153.29 trillion in September 2025 to N159.28 trillion in December 2025, representing a quarter-on-quarter increase of N5.98 trillion (3.9 percent). In dollar terms, the debt rose from $103.94 billion to $110.97 billion within the same period. On a year-on-year basis, the public debt increased by N14.61 trillion (10.1 percent), up from N144.67 trillion recorded in December 2024.
A breakdown of the figures shows that the nation’s domestic debt remains the largest component, accounting for 53.27 percent of total public debt. It rose to N84.85 trillion in December 2025, up from N81.82 trillion in September 2025 and N74.38 trillion in December 2024.
The Federal Government holds the bulk at N80.49 trillion; while states and the Federal Capital Territory account for N4.36 trillion. The trend highlights Nigeria’s increasing reliance on local borrowing to finance fiscal gaps.
The external debt stood at N74.43 trillion, representing 46.73% of total debt. This marks an increase from N71.48 trillion in September 2025 and N70.29 trillion in December 2024. In dollar terms, the external debt rose to $51.86 billion, with the Federal Government accounting for N66.27 trillion; and the states and the FCT, N8.16 trillion.
The continued expansion of Nigeria’s debt profile has heightened concerns over fiscal sustainability, especially amid rising debt servicing obligations and pressure on government revenue.
In its 2026 macroeconomic outlook report, the Central Bank of Nigeria (CBN) had projected a debt-to-GDP ratio of 34 per cent while foreign reserves are expected to rise to $51 billion. The debt-to-GDP ratio compares a country’s total government debt to its Gross Domestic Product (GDP), showing its ability to pay debts relative to its economic output.
Public debt as a percentage of GDP is projected at 34.68 per cent by end-2026, compared with 33.98 per cent as at June 2025, predicated on expected new borrowings,” the report had stated.