Nigeria’s total public debt has surged to ₦152.40 trillion as of June 30, 2025, marking an increase from ₦149.39 trillion recorded at the end of March 2025, according to the latest data released by the Debt Management Office (DMO).
The figure represents a ₦3.01 trillion rise within three months, reflecting both domestic and external borrowing by the Federal Government, the 36 states, and the Federal Capital Territory (FCT).
According to the DMO report, the increase was largely driven by new borrowing to fund the 2025 budget, exchange rate adjustments, and accrued interests on existing loans.
Out of the total debt, ₦97.1 trillion represents domestic debt, while ₦55.3 trillion accounts for external debt obligations to multilateral and bilateral lenders.
Despite the steady rise, the DMO assured that Nigeria’s debt remains sustainable, emphasizing ongoing efforts to improve revenue generation, reduce borrowing costs, and strengthen fiscal management.
However, economists have raised concerns over the mounting debt burden, warning that excessive borrowing without matching productivity growth could worsen inflation and slow economic recovery.
“Nigeria’s debt trajectory needs to align with its revenue performance. Borrowing is not the issue — the problem is how efficiently borrowed funds are used,” a financial analyst noted.
The development has renewed calls for fiscal discipline and diversification of government revenue sources to reduce dependence on debt financing in the coming years.
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