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Data  · Economy

Nigeria's public debt has risen more than twelvefold in naira since 2015

Total public debt of the federal government, the 36 states and the Federal Capital Territory (FCT) at the end of each year, from the Debt Management Office (DMO).

The Public Interest ·

Nigeria’s total public debt stood at ₦159.28 trillion at the end of 2025, against ₦12.60 trillion at the end of 2015. The figure covers the domestic and external debt of the federal government, the 36 states and the Federal Capital Territory (FCT).

Total public debt, 31 December of each year₦ trillion
0501001502002015, ₦ trillion: 12.612.620152016, ₦ trillion: 17.417.420162017, ₦ trillion: 21.721.720172018, ₦ trillion: 24.424.420182019, ₦ trillion: 27.427.420192020, ₦ trillion: 32.932.920202021, ₦ trillion: 39.639.620212022, ₦ trillion: 46.346.320222023, ₦ trillion: 97.397.320232024, ₦ trillion: 144.7144.720242025, ₦ trillion: 159.3159.32025 0501001502002015, ₦ trillion: 12.61320152016, ₦ trillion: 17.4172017, ₦ trillion: 21.72220172018, ₦ trillion: 24.4242019, ₦ trillion: 27.42720192020, ₦ trillion: 32.9332021, ₦ trillion: 39.64020212022, ₦ trillion: 46.3462023, ₦ trillion: 97.39720232024, ₦ trillion: 144.71452025, ₦ trillion: 159.31592025

Source: Debt Management Office (DMO), total public debt reports and Debt Sustainability Analysis 2017, Table 3.1; 2020 to 2022 as reproduced by the National Bureau of Statistics (NBS) and the press. The 2025 figure is provisional.

Show the figures
Year₦ trillion
201512.60
201617.36
201721.73
201824.39
201927.40
202032.92
202139.56
202246.25
202397.34
2024144.67
2025159.28
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Two things drove the sharp rise from 2023. In 2023 the federal government converted ₦22.7 trillion of Ways and Means advances, overdrafts from the Central Bank of Nigeria (CBN), into securities, and the DMO added them to the debt stock. From 2023 the naira also lost much of its value, which raised the naira cost of debt owed in dollars.

Measured in US dollars, the debt has grown far more slowly. It was US$57.39 billion at the end of 2016 and US$110.97 billion at the end of 2025. It fell in 2024, when the naira’s fall lowered the dollar value of naira debt.

Total public debt in US dollars, 31 December of each yearUS$ billion
0204060801001202016, US$ billion: 57.42017, US$ billion: 70.92018, US$ billion: 79.42019, US$ billion: 84.12020, US$ billion: 86.42021, US$ billion: 95.82022, US$ billion: 103.12023, US$ billion: 108.22024, US$ billion: 94.22025, US$ billion: 111.0111.02016201720182019202020212022202320242025 0204060801001202016, US$ billion: 57.42017, US$ billion: 70.92018, US$ billion: 79.42019, US$ billion: 84.12020, US$ billion: 86.42021, US$ billion: 95.82022, US$ billion: 103.12023, US$ billion: 108.22024, US$ billion: 94.22025, US$ billion: 111.0111.020172019202120232025

Source: Debt Management Office (DMO), total public debt reports; 2017, 2020 and 2021 as reported in the press. Converted by the DMO at the CBN exchange rate on each date. 2015 is left out because the dollar figures in the DMO table for that year were not converted at a single rate. The 2025 figure is provisional.

Show the figures
YearUS$ billion
201657.39
201770.92
201879.44
201984.05
202086.39
202195.77
2022103.11
2023108.23
202494.23
2025110.97
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