Each Nigerian Now Owes ₦724,000 as DMO Reveals Public Debt Hit ₦159.28 Trillion in December 2025
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An analysis of Nigeria’s latest public debt figures shows that each Nigerian carries an average debt burden of approximately ₦724,000, as the country’s total public debt rose to ₦159.28 trillion as of December 31, 2025.
Ejes Gist News reports that the estimate is derived from data released by the Debt Management Office (DMO) and analysed by multiple financial data platforms, based on an estimated national population of about 220 million people.
Debt Rises by ₦5.98 Trillion in Three Months
According to the DMO report, the total public debt increased from ₦153.29 trillion in September 2025 to ₦159.28 trillion in December 2025, representing a quarter-on-quarter rise of ₦5.98 trillion, or 3.9 per cent.
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In dollar terms, the debt rose from $103.94 billion to $110.97 billion over the same period.
On a year-on-year basis, total public debt increased by ₦14.61 trillion (10.1 per cent) from ₦144.67 trillion recorded in December 2024.
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Breakdown: Domestic Debt Dominates
Domestic debt remains the largest component, accounting for 53.27 per cent of total public debt.
| Category | December 2025 | September 2025 | December 2024 |
|---|---|---|---|
| Total Public Debt | ₦159.28 trillion | ₦153.29 trillion | ₦144.67 trillion |
| Domestic Debt | ₦84.85 trillion | ₦81.82 trillion | ₦74.38 trillion |
| External Debt | ₦74.43 trillion | ₦71.48 trillion | ₦70.29 trillion |
The Federal Government accounts for ₦80.49 trillion of domestic debt, while states and the Federal Capital Territory (FCT) account for ₦4.36 trillion.
External Debt Profile
External debt stood at ₦74.43 trillion, representing 46.73 per cent of total debt. In dollar terms, this amounts to $51.86 billion.
- Federal Government: ₦66.27 trillion
- States and FCT: ₦8.16 trillion
Additional Borrowing Not Yet Reflected
The current figures exclude recently approved borrowing estimated at ₦8.3 trillion from external financing arrangements.
This indicates that Nigeria’s total public debt is likely to increase further in subsequent reporting periods.
Debt-to-GDP Outlook
In its 2026 macroeconomic outlook, the Central Bank of Nigeria (CBN) projected a debt-to-GDP ratio of 34.68 per cent by the end of 2026, compared with 33.98 per cent as of mid-2025.
The ratio remains below international thresholds for developing economies; however, analysts note that the pace of accumulation remains a key concern.
Fiscal Sustainability Concerns
The rising debt profile has intensified concerns over fiscal sustainability, particularly in the context of:
- Increasing debt servicing obligations
- Limited revenue growth
- Exchange rate volatility affecting external debt valuation
Implications for Nigerians
The ₦724,000 per-capita figure represents a statistical average rather than a direct liability. However, it illustrates the broader economic impact of public borrowing.
Key implications include:
- Reduced fiscal space for public services
- Potential tax increases or inflationary pressures
- Crowding out of private sector credit
- Exchange rate pressures linked to external obligations
Outlook
With additional borrowing expected and fiscal pressures persisting, Nigeria’s public debt trajectory remains upward.
Economic analysts are closely monitoring whether revenue reforms and macroeconomic adjustments can stabilise the trend.
Ejes Gist News will continue to track developments in Nigeria’s fiscal position and provide timely updates on public debt and economic indicators.
