Nigeria’s total public debt rose to N149.39 trillion as of March 31, 2025, according to the latest data released by the Debt Management Office (DMO).
The figure includes the combined debt of the Federal Government, the 36 states, and the Federal Capital Territory (FCT). The new figure marks an increase of N4.72 trillion from the N144.67 trillion recorded in the previous quarter, representing a 3.3 percent rise.
The breakdown of the debt shows that the Federal Government is responsible for the larger share, owing N74.89 trillion. Meanwhile, state governments and the FCT have accumulated a total of N3.87 trillion in debt.
Further details from the DMO report show that Nigeria’s external debt went up slightly by N344 billion, or 0.5 percent, from the end of December 2024 to March 2025.
Although foreign loans have not grown significantly since late last year, the continuous fall of the Naira has made the existing external debt more costly in local currency terms.
On the domestic front, the nation’s internal borrowings saw a sharp jump. Domestic debt rose from N65.65 trillion in March 2024 to N78.76 trillion by the end of the first quarter of 2025. This means Nigeria borrowed over N13 trillion within just one year from local sources.
Some economic experts and civil society groups are raising concern over this upward debt trend.
A civil society organization noted that the rising debt burden could push more Nigerians into poverty, especially if the funds being borrowed are not used productively.
They warned that too much borrowing without proper investment could worsen the country’s economic challenges.
