Nigeria’s Public Debt Rises to ₦149 Trillion, Says DMO

Nigeria’s total public debt has climbed to ₦149.39 trillion as of March 31, 2025, according to the latest figures released by the Debt Management Office (DMO).

This represents a significant increase from ₦142.3 trillion recorded on September 30, 2024, and reflects the combined debt of the federal government, 36 states, and the Federal Capital Territory (FCT).

The DMO’s report shows that the Federal Government alone is responsible for ₦74.89 trillion, while the states and FCT owe a combined ₦3.87 trillion. This means that a total of ₦78.76 trillion is accounted for as domestic debt, rising from ₦65.65 trillion in March 2024.

The new figures represent a 3.3% increase over the previous quarter, driven largely by rising domestic borrowing and the continued depreciation of the Naira, which has negatively impacted the value of external debt.

While external debt saw a modest increase of just 0.5% (₦344 billion) during the quarter, the DMO noted that the country has taken on relatively little new foreign debt since late 2024. However, exchange rate volatility has significantly eroded the value of Nigeria’s debt stock.

The latest data underlines growing concerns over Nigeria’s debt sustainability, as the country continues to grapple with inflation, currency instability, and a challenging global economic environment.