Nigeria’s combined public debt for the federal and state governments climbed by 10 percent year-on-year to N159.27 trillion as of the fourth quarter of 2025, up from N144.67 trillion recorded in the same period of 2024, according to the Debt Management Office.

The latest figure also reflects a quarterly increase of N5.98 trillion compared to the N153.29 trillion reported at the end of Q3 2025, as well as a rise of N14.6 trillion over the previous year’s level.

In its statement, the debt office explained that the total public debt comprises both domestic and external obligations of the federal government, the 36 states, and the Federal Capital Territory. Domestic debt stood at N84.84 trillion (about $59.11 billion), while external debt was put at N74.42 trillion (approximately $51.85 billion).

Further breakdown showed that domestic debt grew from N74.38 trillion in December 2024, marking an increase of N10.47 trillion or 14.1 percent. External debt also rose by N4.14 trillion from N70.29 trillion within the same period.

At the federal level, domestic debt accounted for N80.48 trillion, representing a N2.67 trillion increase from the previous quarter. Meanwhile, the domestic debt owed by states and the FCT edged up to N4.36 trillion from N3.96 trillion.

On the external side, the federal government held N66.26 trillion ($51.85 billion), while states and the FCT accounted for N8.15 trillion ($5.68 billion).

The DMO added that the conversion of external debt into naira was based on the official exchange rate of N1,435.25 to one US dollar as of December 31, 2025, as provided by the Central Bank of Nigeria.