Nigeria’s Public Debt Top N153.29 Trillion

By 𝔸bdulrazak Tomiwa

Nigeria’s total public debt reached N153.29 trillion as of September 30, 2025. This reflects a N900 billion increase from June, driven by continued borrowing to fund budget deficits.

The debt includes N81.81 trillion in domestic and N71.47 trillion in external liabilities.

The Federal Government remains the primary debtor, holding over 92% of this total.

Naira depreciation is a major factor in the surge, inflating the cost of foreign loans in local terms. Exchange rate volatility continues to strain the nation’s fiscal stability.

Domestic debt is dominated by over N77 trillion in FGN Bonds. While providing government liquidity, this high internal borrowing often limits credit for the private sector.

Major external creditors include the World Bank, African Development Bank, and China. Commercial Eurobonds also represent a significant portion requiring foreign currency for repayment.

With a massive 2026 budget deficit projected, the government is seeking further loan approvals. Experts warn that increasing revenue is critical for long-term sustainability.