Nigeria’s total public debt rose to N159.28 trillion as of December 31, 2025, according to new figures released by the Debt Management Office, highlighting the government’s continued reliance on borrowing to fund fiscal needs.
The latest number represents an increase from N153.29 trillion recorded in September 2025, showing a quarterly rise of N5.98 trillion. On a yearly basis, debt also climbed from N144.67 trillion in December 2024, underscoring the steady expansion of the country’s obligations.
Accounting for more than half of the total debt stock, local borrowing continued as the main engine of growth. External debt came in at N74.43 trillion in December, while local debt surged to N84.85 trillion.
The News Chronicle can confirm that greater reliance on home borrowing is evidence of attempts to minimize foreign-currency risk, yet it also raises concerns about growing debt-servicing costs and strain on public finances.
The federal government retained the bulk of the debt load; states and the Federal Capital Territory accounted for a smaller share of both foreign and domestic commitments.
Nigeria’s debt stock in dollar terms increased to $110.97 billion at year-end. According to experts, the bigger issue nowadays is striking a balance between infrastructure and development spending and the need to keep long-term debt sustainability in check.
Since revenue creation is still below projections, the focus is likely to remain on how governments handle the next borrowing while remaining under fiscal stress.
