By Abiola Olawale
The Debt Management Office (DMO) has revealed that Nigeria’s public debt grew by N900bn, bringing the country’s total debt stock to N153.29 trillion as of September 30, 2025.
This 0.59% increase from the N152.39 trillion recorded in June 2025 highlights the government’s continued reliance on borrowing to bridge budget deficits and fund critical infrastructure projects.
According to the latest DMO report, the total debt stock is a combination of the domestic and external obligations of the Federal Government, the 36 states, and the Federal Capital Territory (FCT).
The data shows that the Federal Government remains the primary driver of these figures. The increase is said to be largely attributed to the rise in federal domestic borrowing, which climbed to N77.81 trillion in Q3 from N76.58 trillion in the previous quarter.
While the Federal Government accounts for the lion’s share of the burden, subnational entities are also seeing upward trends. The domestic debt owed by the 36 states and the FCT rose slightly, moving from N3.96 trillion in June to N4 trillion by the end of September. This incremental rise across various tiers of government confirms why Nigeria’s public debt grows by N900bn in such a short window.
Recall that earlier in the year, the DMO refuted reports claiming the nation’s debt had surged from N21 trillion to N142 trillion under President Bola Tinubu, clarifying that the figure was N87 trillion when he assumed office.
