Nigeria’s total public debt rose to 153.29 trillion naira ($103.94 billion) as of Sept. 30, 2025, up from 152.40 trillion naira in June, according to data released Friday by the Debt Management Office.
The increase of 893.87 billion naira marks a steady rise in both domestic and external obligations over the three-month period. In dollar terms, debt grew by $4.28 billion from $99.66 billion in June.
External debt stood at $48.46 billion, or 71.48 trillion naira, accounting for 46.63% of total debt, compared with $46.98 billion, or 47.14%, in June. Domestic debt rose to 81.82 trillion naira from 80.55 trillion naira and made up 53.37% of the total.
Multilateral lenders remained Nigeria’s largest creditors, accounting for $23.41 billion, or 48.31% of external debt. The International Development Association held $18.18 billion, while the International Bank for Reconstruction and Development accounted for $1.36 billion. The African Development Bank and African Development Fund were owed $2.15 billion and $1.02 billion, respectively.
Bilateral debt totaled $6.29 billion, led by China’s Exim Bank at $4.82 billion. Other creditors include France, Japan, India and Germany, while loans from the China Development Bank stood at $423.51 million.
Commercial borrowings also remained significant, with Eurobonds accounting for $17.32 billion, or 35.74% of external debt.
On the domestic side, Federal Government of Nigeria bonds dominated, totaling 61.99 trillion naira, or 79.67% of federal domestic debt. Treasury bills stood at 12.68 trillion naira, while Sukuk totaled 1.29 trillion naira. Savings bonds and green bonds stood at 97.46 billion naira and 62.36 billion naira, respectively.
The Debt Management Office said external debt figures for September were converted using an exchange rate of 1,474.85 naira per dollar, compared with 1,529.21 naira per dollar in June, which partly offset the naira value of external debt.
Finance Minister Wale Edun said the government is shifting away from costly external borrowing toward domestic reforms and private-sector financing. Speaking at the G-24 Technical Group meeting in Abuja, he said the approach aligns with global trends emphasizing diversified and innovative financing.
