Nigeria’s total public debt stock rose to ₦152 trillion as at September 30, 2025, largely because of foreign exchange rate adjustments and accounting treatment of reforms, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has said.
Edun spoke on Monday, January 19, 2026, while explaining the latest debt figures to reporters in Abuja.
Edun said the exchange rate adjustments — which increase the naira value of foreign‑currency denominated debt when the currency depreciates — were a major factor in the rise, along with the impact of policy reforms that changed how certain debts are recorded.
“We have been very clean in reporting our debt stock,” he said, stressing transparency in the compilation of figures.
The figures reflect total debt owed by the Federal Government (FG), states and the Federal Capital Territory (FCT) to both domestic and external creditors. The breakdown shows that external debt stood at ₦36.46 trillion, while domestic debt was ₦115.52 trillion.
Edun said the debt data was sourced from the Debt Management Office (DMO) and covers liabilities up to the end of the 2025 fiscal year.
The minister explained that reforms such as debt stock accounting changes and the impact of naira adjustments in the foreign exchange market contributed to the headline debt figure but emphasised that Nigeria’s debt‑to‑GDP ratio remains below the 35 per cent threshold set by law and multilateral creditors. He said this indicates that the country’s debt level is sustainable.
Edun also clarified that the increase in debt does not necessarily mean new borrowing at the same level but reflects valuation changes when foreign debt is converted to naira at prevailing market rates.
He said this accounting effect is common in countries where a large share of debt is held in foreign currencies and where exchange rates fluctuate.
According to the Debt Management Office, the external debt stock includes multilateral and bilateral loans, while the domestic debt comprises Treasury bills, bonds and other local instruments. The mix reflects Nigeria’s efforts to balance its borrowing across markets and instruments.
Edun said the government is committed to sound debt management practices and will continue to publish debt data transparently to support investor confidence and policy planning.
“We want people to understand the structure of our debt and be confident in the numbers we release,” he said.
The Federal Government will continue to manage its debt within statutory limits and in line with economic reforms, while monitoring forex markets and implementing policies designed to support stability and growth throughout 2026.
