The figure represents an increase of N900 billion — or 0.59 percent — compared to the N152.39 trillion recorded in June 2025.

In a statement published on its website, the DMO said the country’s debt profile comprises domestic and external borrowings by the federal government, the 36 states, and the federal capital territory (FCT).

Breaking down the numbers, total domestic debt stood at N81.81 trillion ($55.47 billion), while total external debt was N71.47 trillion ($48.46 billion).

The federal government accounted for the bulk of the domestic debt, which climbed to N77.81 trillion in the third quarter of 2025, up from N76.58 trillion in the previous quarter.

At the subnational level, domestic debt owed by states and the FCT rose slightly from N3.96 trillion in June to N4 trillion in September.

The rising debt profile underscores the government’s continued reliance on borrowing to finance infrastructure and bridge significant budget deficits. Nigeria’s 2026 budget deficit is projected at N23.85 trillion — about 4.28 percent of gross domestic product — a development that continues to fuel debate over fiscal sustainability and revenue generation.

Earlier in January 2025, the DMO dismissed reports claiming that Nigeria’s public debt had jumped from N21 trillion to N142 trillion under President Bola Tinubu. The agency clarified that the country’s debt stood at N87 trillion when Tinubu assumed office.

In May 2025, the National Orientation Agency (NOA) also reported that federal and state governments had reduced their debt levels, citing increased disbursements from the federation account allocation committee (FAAC).

With borrowing still central to fiscal operations, Nigeria’s debt trajectory remains a key issue in economic and political discourse.