Nigeria’s total public debt rose sharply in the last quarter of 2025 to ₦159.28 trillion, even as the naira strengthened against the US dollar, pointing to increased borrowing rather than currency pressure as the main driver of the surge.
The latest figure was released on Tuesday by the National Bureau of Statistics (NBS).
It shows that the total debt climbed from $103.94 billion (₦153.29 trillion) as of September 30, 2025, to $110.97 billion (₦159.28 trillion) by December 31, 2025.
This represents an increase of about $7.04 billion, or nearly ₦6 trillion, within just three months.
Both external and domestic debts recorded increases during the period.
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External debt rose from $48.46 billion to $51.86 billion, while domestic debt grew from $55.47 billion to $59.12 billion.
Despite these increases, the overall structure of the debt remained largely unchanged, with domestic debt continuing to account for a slightly larger share.
The Federal Government remained the biggest contributor to domestic borrowing, accounting for ₦80.49 trillion out of the total ₦84.85 trillion domestic debt stock by the end of December.
A key highlight of the data is that the rise in debt came at a time when the naira actually gained value.
The official exchange rate improved from ₦1,474.85 per dollar in September to ₦1,435.26 per dollar by the end of December.
This means the increase in the debt stock was not caused by a weaker currency but by fresh borrowing.
In simple terms, Nigeria owed more because it took on more loans, not because the naira lost value.
At the subnational level, debt also increased as external debt owed by states and the Federal Capital Territory rose to $5.68 billion by year-end, while their domestic debt grew from ₦4.00 trillion in September to ₦4.36 trillion in December.
The data clearly indicates that Nigeria’s debt continued to grow across the board in the final months of 2025, with borrowing rising faster than any gains from the stronger naira.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X
